21% of the stock was short this afternoon.
That may (or may not) have been the percentage short when it opened this morning.
Here is the 1 Month Daily Chart for GME...
Closed at: $30.45
After Hours: $32.70 at 3:50 PM PST
Posted on 05/13/2024 3:10:44 PM PDT by JSM_Liberty
The surprise social media return of the trader who helped ignite the meme stock frenzy in 2021 sent GameStop shares skyrocketing Monday. The surge had nothing to do with the troubled company’s fundamentals — and everything to do with a cartoon of a gamer that the trader, nicknamed Roaring Kitty, shared on X.
GameStop shares surged 74% on Monday after the account run by Keith Gill shared a meme on X, marking its first post in three years. The shares skyrocketed by more than 110% earlier and were halted for volatility several times on Monday morning.
Short sellers have seen $1 billion in mark-to-market losses betting against GameStop on Monday, according to data company S3 Partners. Short-sellers aim to turn profits on a stock by borrowing shares, selling them and returning them after purchasing them at a lower price. Shares of AMC Entertainment, another meme stock, popped 78%. Reddit shares climbed roughly 9%. Shares of trading platform Robinhood Markets, which suspended purchases of GameStop, AMC and other meme stocks during the frenzy in 2021, rose 4%.
The image Gill posted depicts a man leaning forward in a chair with a video game console in hand. GameStop had posted the same cartoon in February, but with a blue arrow and chair. In Gill’s cartoon, they are red. The meme is interpreted to convey, “when things get serious,” according to Know Your Meme.
Gill did not immediately respond to CNN’s request for comment.
GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform.
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(Excerpt) Read more at cnn.com ...
CNN — No thanks.
Of course, after I sold mine.
Gamestop is a horrible place and I wouldn’t touch a stock of theirs with a 30ft pole.
“GameStop shares surged 74% on Monday after the account run by Keith Gill shared a meme on X, marking its first post in three years. The shares skyrocketed by more than 110% earlier and were halted for volatility several times on Monday morning.”
If it benefits the nomenklatura, trading goes as it will. If the normies ever experience anything cool, they call it “volatile” and stop it or impede it.
super fun to watch. DJT was on a bit of a run initially but I guess all attn went to AMC and GME. RUM will be another that has a high short position.
RUM and DJT will jump soon
21% of the stock was short this afternoon.
That may (or may not) have been the percentage short when it opened this morning.
Here is the 1 Month Daily Chart for GME...
Closed at: $30.45
After Hours: $32.70 at 3:50 PM PST
180+ million shares traded today. This was not retail, and Keith Gill (DFV) tweeting had nothing to do with GME’s jump. This is a fight between institutional investors. The longs saw the short interest numbers on GameStop and decided to pile on.
Pinning this on Keith Gill, or retail, makes a good story but is complete bullshit.
Seeing Keith show back up probably gave retail buyers confidence to jump in today in a unified manner. Devin Nunes and team are bringing A TON of attn to naked shorting which will raise all tides too, IMO.
GME will continue to run. Yes, DFV brings a level of excitement to the Reddit crowd, but this is a fight between whales. Retail is going along for the ride
I hope it does keep running along with all the other heavily shorted co’s and screws over those playing these dirty tricks. Robinhood needs to take it in the a$$ too for what they do to assist the crooks. They shut down trading last night on the GME run.
A run like this is usually an anomaly, NOW would be the time to take a short position, if one were so inclined.
No fundamental reason for the run-up, means a run-down soon.
I get gift cards there. The boys love them. I’d hope by the time we’re adults were beyond that store.
I wish my individual stocks would do something crazy like that. I have boring stocks like Exxon, McDonalds and Walmart among others. My 5 Mutuals may have some game stop in some of them…..maybe.
There was something that triggered the action. Why now, why today? See, this is why I never credit after-the-fact analysts. They never predict, only explain after the fact. Sort of like climate cultists.
coordinated buying to run it up all at once and force the shorts to cover. since most are ‘naked’ they can’t find shares to buy unless they’re at a much higher price.
This run, like all runs, come and go but I wouldn’t bet on shorts on this one; not for a while
Coincidently - just watched the movie “Dumb Money”, today.
Root’n for the little guys!!
eat the rich on netflix is better
It's still going to $100, perhaps tomorrow.
Just sold my 69 blazer, which hurt like hell by the way, and put it all into gamestop.
yeah, I’m a gambler. Double my money baby!!!! CMON!!!!
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