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Why GameStop Stock Surged This Morning

TheMotleyFool

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Shares of GameStop (NYSE: GME) surged by as much as 20% today after Keith Gill, known by "Roaring Kitty" on social media and a more vulgar username on Reddit, increased his stake in the video game retailer. Gill has been widely credited with driving retail interest in GameStop, which culminated in a gargantuan gamma squeeze last month. As of 11:05 a.m. EST, the stock was up 6%.

Gill posted an update on Reddit's WallStreetBets forum on Friday evening showing that he had increased his position from 50,000 shares over two weeks earlier to 100,000 shares . The fresh investment increased Gill's average cost basis from $14.89 to $26.80.

Image source: Getty Images.

Source Fool.com

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