DeepF — ingValue has doubled on GameStop Corp.
GME -0.25%
The trader, who became a legend on Reddit’s WallStreetBets forum for his foresight bet on the video game retailer, posted a screenshot of his trading account Friday afternoon showing that he bought an additional 50,000 shares of the stock. The Reddit user, whose real name is Keith Gill, now owns 100,000 GameStop shares worth about $ 4 million, the screenshot shows.
The message does not indicate when the shares were bought. An earlier update, posted on the afternoon of February 3, brought his position to 50,000 shares. Mr. Gill declined to comment.
Much of the momentum around GameStop has waned in recent weeks. Shares fell 23% this week to $ 40.59 and are down more than 90% since peaking on an intraday basis at $ 483 on January 28, closing February 3 at $ 92.41.
Gill appeared at a congressional hearing on the GameStop frenzy on Thursday, where he was asked by a lawmaker if he thought the stock was still attractive. “I think it’s an attractive investment for this price,” he replied.
Response to Friday’s post was swift on WallStreetBets, prompting Mr. Gill climbed to the top of the forum page. “THE KING IS BACK”, u / falael noted. Some complimented him on Thursday for his testimony before the House Financial Services Committee.
“He put his money where his mouth is,” noted u / Staafen2. “This action speaks more than words said by a bear / bull I have seen here in recent weeks.”
Hailed as a hero among Reddit investors, Gill appeared at Thursday’s hearing from his signature red chair, with a cat poster and a red headband behind him. He is known on YouTube as “Roaring Kitty”.
“I’m as optimistic as I’ve ever been about a possible turnaround. In short, I love the stock. And what’s amazing is that, as far as I can tell, the market is unaware of GameStop’s unique opportunity within the gaming industry, ”said Mr. Gill in his written testimony.
For some individual investors, Mr. Gill is a sign of his “diamond hands,” or his ability to hold risky bets for long periods of time.
Mr. Gill also told lawmakers that he acknowledges that his “aggressive way of investing” is probably not suitable for most people.
DeepF — ingValue’s total holdings as of Friday show approximately $ 17.4 million in its account, including approximately $ 11.9 million in cash, $ 4 million in GameStop stock and approximately $ 1.5 million in GameStop option contracts .
Mr. Gill had previously said on Feb. 3 that he would roll back his regular Reddit updates from his GameStop holdings. It was then that the spotlight grew on him. He is now returning to the platform with a much larger following and fan base on social media than last year.
Write to Gunjan Banerji at [email protected] and Caitlin McCabe at [email protected]
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