What's Going On With GameStop Stock Tuesday?

GameStop Corp GME shares are trading narrowly higher on low volume as retail traders continue to speculate about recent moves from meme stock trader Keith Gill, also known as “Roaring Kitty.”

What To Know: Gill is responsible for much of the recent volatility in GameStop and other retail darlings as he made a return to social media in May following three years of silence. Gill is often credited with sparking the meme stock squeeze that took place in 2021.

GameStop shares faced selling pressure on Monday after Gill disclosed a 6.6% stake in pet retailer Chewy Inc CHWY. The SEC filing confirming his stake surfaced just days after the trader posted an image of a dog on X, which sparked speculation that he may be interested in Chewy.

Gill hasn’t posted a position update on social media since he shared a screenshot on Reddit showing that he was holding 9.001 million shares of GameStop, up from about 5 million shares at the prior update. Some have speculated that Gill may have sold his GameStop stake following the company’s lackluster annual shareholder meeting last week.

A court document filed on June 28 accused Gill of manipulating GameStop’s stock price via social media, but the plaintiff filed to voluntarily dismiss the case on Monday. GameStop shares still closed out Monday’s session down more than 5%.

GameStop’s average session volume is about 49 million, according to data from Benzinga Pro. Tuesday’s trading volume was sitting around 3.5 million at publication time.

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GME Price Action: GameStop shares were up 1.59% at $23.70 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.