DeepF — ingValue doubled on GameStop Body.
GME -0.25%
The trader, who became a legend on Reddit’s WallStreetBets forum for his precise bet on the video game retailer, posted a screenshot of his brokerage account on Friday afternoon showing that he has bought another 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 image shows.
The post does not indicate when the shares were purchased. An earlier update, published on the afternoon of February 3, put its position at 50,000 shares. Mr Gill declined to comment.
Much of the momentum surrounding GameStop has waned in recent weeks. Shares have fallen 23% this week to $ 40.59 and have fallen more than 90% since reaching the intraday peak at $ 483 on January 28th. They closed Feb. 3 at $ 92.41.
Mr Gill appeared at a congressional hearing on the GameStop frenzy on Thursday, where a lawmaker was asked if he thought the stock was still attractive. “I think it’s an attractive investment at this price point,” he said.
Reaction to Friday’s post was quick on WallStreetBets, with Mr Gill’s post going to the top of the forum page. “HIS KING BACK,” commented u / falael. Some complimented him on his testimony on Thursday before the House Financial Services Committee.
“He put his money where his mouth is,” commented u / Staafen2. “This action speaks louder than the words of any bear / bull I’ve seen here in recent weeks.”
Mr Gill was hailed as a hero among Reddit investors and appeared at Thursday’s meeting in his signed red chair, with a poster of a cat and a red stripe hanging behind him. He is known as “Roaring Kitty” on YouTube.
“I am just as optimistic as I have ever had a possible change. In short, I like the stock. And what’s amazing is that, as far as I know, the market remains indifferent to GameStop’s unique opportunity in the gaming industry, “said Mr. Gill in his written testimony.
For some individual investors, Mr Gill’s bet is a sign of his “diamond hands” or his ability to hold risky bets for long periods.
Mr Gill also told lawmakers that he acknowledged that “his aggressive style of investing” was probably not appropriate for most people.
DeepF — ingValue’s total holdings on Friday show approximately $ 17.4 million in its account, including approximately $ 11.9 million in cash, $ 4 million in GameStop shares and approximately $ 1.5 million in contracts GameStop options.
Mr Gill previously said on February 3 that he would drop his regular Reddit updates of his GameStop holdings. At that time, the spotlight on him was growing. He is now returning to the platform with a much larger number of followers and fans on social media than he had last year.
Write to Gunjan Banerji at [email protected] and Caitlin McCabe at [email protected]
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