GME - Did 'Roaring Kitty' Drive GameStop Options Surge? Strategist Analyzes Gill's Funding Needs To Exercise His Calls | Benzinga
GameStop Corp. (NYSE:GME) shares saw considerable volatility on Wednesday as they traded in a nearly $9 range on a day when the broader market hit a record high amid the Federal Reserve’s rate decision and a cooler-than-expected May inflation report. David Boole, equity-derivatives strategist and Managing Director at BayCrest weighed in on the options activity in GameStop.
What Happened: On Wednesday, there was a spike in trading in the call options with the same strike price and expiration date as the ones Keith Gill, aka “Roaring Kitty” disclosed in his portfolio, with 93,266 contracts exchanging hands, more than nine times its 30-day average volume of 10,233 contracts, CNBC reported. The options finished the day more than 40% lower.
Source: Yahoo Finance
Traders surmised that Gill could have been behind the spike, given he held a huge chunk of these contracts, the report said.
Offering his take, Boole said in a CNBC interview that toward the end of the day 75,000 of the calls traded in the last 45 minutes, ...