GameStop (GME) Back Above $60: What's Driving Meme Stock Higher Premarket?

Video game retailer GameStop Corp. GME continued its rally in premarket trading on Friday, carrying momentum from the previous session.

The surge began Wednesday afternoon after Keith Gill, also known as Roaring Kitty, scheduled a livestream on his YouTube channel for Friday at noon EDT. Traders widely anticipate the meme stock enthusiast will discuss his investment thesis behind the massive GameStop stock purchase he disclosed earlier this month.

In a recent update on Reddit, Gill showed he continues to hold the 5 million shares and 120,000 June 21 $20 call options.

Including the call options, the value of Gill’s GameStop stake reached an estimated $557.05 million, bolstered by a $250.4 million surge on Thursday alone.

Despite skepticism surrounding the legitimacy of Gill’s holdings, retail investors are apparently buying into the stock, seemingly unfazed by GameStop’s declining fundamentals.

Premarket trading saw the stock climb 33.88% to $62.35, according to Benzinga Pro data.

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