GameStop shares resume rally, seal highest close in 3 weeks

Shares of GameStop Corp. resumed their rally Wednesday, with the stock climbing 19.1% after ending Tuesday’s session down 5.4%.

The videogame retailer’s shares GME, +19.13% finished trading at $31.57, their highest close since May 15, 2024, when they ended that day’s session at $39.55. GameStop’s stock is now up four of the last five trading sessions.

Influential trader Keith Gill, also known as Roaring Kitty, last month sparked a new meme-stock rally that sent skyrocketing shares of GameStop and AMC Entertainment Holdings Inc. AMC, +7.52%, as well as a number of other stocks. GameStop and AMC were at the heart of the original meme-stock rally in 2021, which saw Gill rise to prominence.

Related: Massachusetts securities regulator ‘looking into’ Roaring Kitty’s activities

AMC shares closed up 7.5% Wednesday after ending Tuesday’s session down 0.4%.

Shares of GameStop surged again on Monday after a Reddit post from an account associated with Gill appeared to show him holding a big stake in the videogame retailer. A subsequent screenshot posted Monday showed Gill holding his position.

Related: Roaring Kitty’s GameStop position worth over $386 million as of Monday morning

MarketWatch could not verify the authenticity of the screenshots. Gill also made a cryptic post on X, formerly known as Twitter, posting a green “reverse” card from the card game Uno.

On Tuesday, a spokesperson for Massachusetts Secretary of State Bill Galvin told MarketWatch that the state’s securities division is “looking into” Gill’s trading activities.

Citing people familiar with the matter, the Wall Street Journal reported this week that the Securities and Exchange Commission has been reviewing trading in GameStop call options around the time of the social-media posts from Gill. However, it could not be determined if the SEC was reviewing Gill specifically, according to the Journal.

Related: Were Roaring Kitty’s GameStop posts illegal? A former SEC lawyer explains the recent scrutiny.

Gill has not yet responded to requests for comment on the Massachusetts probe or the SEC’s reported trading review.

GameStop shares are up 80.1% in 2024, while AMC’s stock is down 15.9% and the S&P 500 index SPX is up 12.3%.

Gordon Gottsegen contributed.