Robinhood (NASDAQ:HOOD)) imposed a buy limit on GameStop (NYSE:GME) stock late Sunday after the meme stock’s value soared on speculation that Keith Gill, known as “Roaring Kitty,” could have a significant position in the company.
The brokerage said Blue Ocean ATS, a platform that facilitates overnight trading, will only accept orders within a range of 20% above or below the reference price of $22.99. Therefore, overnight orders to buy GME above $27.59 or sell below $18.39 are likely to be rejected. Nonetheless, some Robinhood users reported that their GME purchases were completely blocked overnight.
Robinhood did not respond to Cryptonews’ request for comment by press time.
The trading restrictions followed a Reddit post by Keith Gill, also known as “Roaring Kitty” on YouTube. The post, Gill’s first since April 21, included buying $5 million in GME stock for $115.7 million, investing $65.7 million in call options and ensuring GME reaches at least $20 per share by June 21. I bet I would. The screenshot also showed that he earned more than $9.3. I made a profit of $1 million on my GME holdings, but lost almost $2.5 million on the call options.
In Robinhood’s overnight market, GME surged nearly 20% to $27.58 in the 20 minutes following Gill’s Reddit post. GameStop closed at $23.14 on Friday, May 31, a 38.8% increase in its stock price this year, likely due to Gill’s return.
The same day as the Reddit post, Gill shared a green UNO reverse card on X, adding to a series of cryptic posts and memes since his return in May. The latest post had nearly 50,000 likes as of Monday morning. Gill’s reemergence three weeks ago led to a huge surge in GameStop stock, doubling its value in May alone. Additionally, Ethereum-based meme coins, including one named GME, showed renewed optimism with the re-emergence of Roaring Kitty ushering in the next bullish phase.
Featured Image: Megapixel ©Malivik
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