GameStop Corp (NYSE:GME) shares have seen increased attention in recent trading sessions, rallying about 30% over the past two weeks. Here's a look at what you need to know.
What To Know: GameStop shares are trading at three-month highs. The stock has been trending higher since the end of October.
Meme stock trader Keith Gill, also known as "Roaring Kitty," confirmed that he sold his stake in Chewy Inc (NYSE:CHWY) near the end of last month. According to a filing with the SEC, Gill had a 0% stake in the online pet retailer as of Sept. 30.
Chewy shares fell more than 2% on the filing, while GameStop shares moved higher. The video game retailer's stock has been steadily moving higher since the filing.
Gill is best known for playing a leading role in the historic 2021 meme stock craze that saw GameStop and other heavily shorted names squeeze higher. He made a return to social media earlier this year following a three-year absence.
Gill's presence on social platforms sparked volatility in several stocks popular among retail investors including GameStop and Chewy, which share a connection via Ryan Cohen. Cohen is GameStop's CEO, as well as the founder of Chewy.
Chewy was Gill's only other publicly known investment outside of GameStop. "Roaring Kitty" hasn't posted a position update on social media since June when he shared a screenshot on Reddit showing he was holding approximately nine million shares of GameStop.
GameStop shares may also be getting a lift as broader markets rally following Donald Trump's win in the 2024 presidential election. Most expect a more favorable regulatory environment under Trump and markets are hovering near all-time highs.
Growth names have also benefited in recent months as the Federal Reserve has started cutting rates. The Fed cut interest rates by 0.25% last week, bringing the target fed funds rate to its lowest levels since February 2023. Most expect another 0.25% rate cut at the Fed's final meeting of the year in December.
GME Price Action: GameStop shares were down 3.00% at $26.44 at the time of publication, according to Benzinga Pro.
Photo: JJBers from Flickr.
