- GameStop stock soared as much as 118% on Monday, representing its biggest intraday gain in more than three years.
- The stock soared after Keith Gill, aka "RoaringKitty," posted on social media for the first time in years.
- GameStop's massive surge on Monday sent short-sellers reeling, creating more than $1 billion in losses.
GameStop stock soared as much as 118% on Monday, representing its biggest intra-day gain in over three years.
The stock soared after Keith Gill, also known as "Roaring Kitty" and "DeepF—ingValue" posted to X for the first time in three years.
Shares of GameStop hit an intraday high of $38.20, representing its highest level since August 2022. The stock has since pared its gains to about 76%, trading at just over $30 per share.
Monday's gains in GameStop stock put it on track to print its biggest daily gain since February 24, 2021, when the meme-stock surged 104%. Today's gains would represent GameStop's fourth largest daily gain in its history.
GameStop stock has been stuck in a consistent downtrend since it peaked in January 2021, when Gill originally sparked the historic short-squeeze that led him to testifying in front of Congress and ultimately inspired a book and movie called "Dumb Money."
Prior to Monday's stock price surge, shares of GameStop were down 86% from its January 2021 record high. Over the past month, shares of GameStop are up 164%, creating massive losses for short-sellers.
More than 64 million shares of GameStop were sold short prior to Monday, representing about 24% of the share float. That's leading to massive losses of more than $1 billion for short-sellers, according to data from S3 Partners, and it could be fueling the rally in the stock as short-sellers have to buy back the stock to close out their bearish bet.
GameStop stock isn't the only meme stock soaring on Monday. AMC Entertainment stock jumped 44% and crypto meme tokens that reference Gill or GameStop surged thousands of percentage points.