Benzinga - by Aaron Bry, Benzinga Editor.
Editor’s note: The headline and body of this story have been updated to correct an error in the figures for Dave Portnoy’s GameStop and AMC positions.
Roaring Kitty (real name Keith Gill) sent GameStop Corp's (NYSE:GME) stock into a frenzy once again Sunday night, after apparently posting a screenshot of a massive position and call-options bet on the stock on Reddit. Dave Portnoy, aka Davey Day Trader, hosted an ‘emergency early session' Monday morning to discuss his position and what Roaring Kitty's reemergence means for his investment.
"I now own over a million of GameStop, 700 of AMC," Portnoy said. "I said get me in. If Roaring Kitty's in, then send me the smoke signal, he threw the Uno card, I said both, I dove in both hands, splash."
Benzinga has contacted Portnoy for further clarification on his GameStop and AMC positions.
AMC Entertainment's (NYSE:AMC) stock got a lift Monday morning following Roaring Kitty's social media activity, and traded up more than 20% and opened above $5. But, both AMC and GameStop's stocks gave up gains throughout the first hour of trading Monday morning, each dropping more than 10% off their highs.
Read Also: Dave Portnoy Sounds Off, Says Stock Market Is Rigged To Screw Over The Little Guy
The Context: Roaring Kitty returned to social media a few weeks ago after a multi-year hiatus. His posts, mostly consisting of cryptic memes and video clips, sent GameStop and other meme stocks higher. But, Sunday night, Gill added a screenshot of a position worth more than $150 million, including stock shares as well as a call-options bet that expires June 21.
The Price Action: At one point Sunday night, GameStop was trading up more than 60% on the news, but has since given up some of those gains.
Portnoy's Next Play: During Portnoy's ‘Davey Day Trader' stream, he said that he was trying to get into a new meme stock in addition to $GME and $AMC. Portnoy said he was trying to buy shares of Faraday Future Intelligent Electric (NASDAQ:FFIE), which recently shot higher by more than 3,000% following an apparent short squeeze, creating retail hype around the name.
"I'm trying to get into $FFIE, but I don't know if I can buy it," Portnoy said. "I'm not set up to buy correctly, I gotta place orders like a normal Schmo."
Now Read: Roaring Kitty’s GameStop Resurgence: Why GME Could Be Poised For More Gains
Photo by Zach Catanzareti Photo via Wikimedia.
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