Roaring Kitty's Return: What's Going On With Reddit Stock?

Reddit Inc RDDT shares are trading higher Monday after an account associated with GameStop Corp GME trader Keith Gill posted on the platform for the first time in three years. 

What Happened: Gill, best known as "Roaring Kitty" on YouTube and X or "DeepF***ingValue" on Reddit, posted a screenshot to Reddit suggesting he currently has a $116 million bet on GameStop. Although the post is unconfirmed, the image appeared to show that the trader is holding 5 million shares of the video game retailer and 120,000 call options expiring later this month.

Gill posted a series of videos on YouTube leading up to the historic GameStop short squeeze in 2021. When the stock began squeezing, the trader began posting updates of his positions on Reddit's r/WallStreetBets. Gill is often credited with sparking the meme stock madness of 2021.

Roaring Kitty first broke his silence on X a couple of weeks ago when he posted a meme of a person leaning forward in a chair. The meme created a short-lived buying frenzy in meme stocks, but most of the names involved pulled back as Gill went silent again. Sunday’s post is his first across social platforms since he posted a clip from the film “E.T.” on May 17.

Reddit made its long-awaited public debut on the New York Stock Exchange in March, opening for trading at $47 per share after setting an IPO price of $34 per share. Reddit said in its S-1 filing that "meme stock" schemes on r/WallStreetBets could pose a risk to investors. The stock is up approximately 16% over the last month.

Don’t Miss: Nvidia’s Gamma Squeeze: Stock Skyrockets On Options Market Frenzy

RDDT Price Action: Reddit shares were up 3.54% at $56.27 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.