Reddit Traders Target GameStop Again, Driving Up Shares
Traders on Reddit's r/WallStreetBets forum are once again targeting GameStop's stock, driving up its price by more than 100% on Monday.
The surge in GameStop's stock price comes after a long period of dormancy for the Reddit account associated with Keith Gill, the trader known as Roaring Kitty.
Gill's account had been inactive since January, but he returned to Reddit on Sunday to post a message that appeared to signal his support for the renewed interest in GameStop's stock.
In his message, Gill said that he believes GameStop's stock is undervalued and that he is "long" on the stock, meaning that he believes its price will continue to rise.
Gill's message was met with enthusiasm by traders on r/WallStreetBets, who quickly began buying GameStop's stock in large numbers. The stock's price surged by more than 100% on Monday, closing at $147.98 per share.
The surge in GameStop's stock price is a reminder of the power of retail traders to move markets. In recent months, retail traders have been increasingly active in the stock market, using social media platforms like Reddit to share information and coordinate their trading activities.
The targeting of GameStop's stock by traders on r/WallStreetBets is a controversial move. Some analysts have warned that the stock is overvalued and that its price could fall sharply if traders lose interest.
However, traders on r/WallStreetBets are undeterred. They believe that GameStop's stock is undervalued and that they can continue to drive its price higher.
The outcome of the GameStop saga remains to be seen. However, one thing is for sure: the power of retail traders is growing, and they are increasingly willing to take on Wall Street.
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