Shares of GameStop rose 13.3 percent on Monday after Keith Gill, the popular online trader behind last month’s frenzied rally, announced that he had doubled his investment in the struggling retailer.
GameStop shares opened at $ 46.8 on Monday and closed at $ 46 pairs. GameStop closed Friday at $ 40.68 a share. Gill announced on Reddit after the market closed on Friday that he bought another 50,000 shares of the company to bring his total investment to 100,000 shares.
Gill, a Massachusetts financial adviser better known on Reddit as “deepf — ngvalue” or YouTube as “RoaringKitty,” is widely recognized for planting the seed that turned into a massive rally in GameStop stock. The company’s share price rose about 1,800 percent in January, peaking at $ 483 last month before collapsing.
Gill told a House panel Thursday that his first Reddit posts advocating investment in GameStop were nothing more than an attempt to share a potential opportunity with other hobbyists who got out of control. Critics of the GameStop rally say Gill and other prominent Reddit users could be guilty of market manipulation.
The Securities and Exchange Commission (SEC) announced last month that it is investigating potential manipulative practices surrounding the GameStop frenzy, but securities lawyers say the public nature of the rally makes it difficult to allege a conspiracy.