GME - Roaring Kitty's GameStop Options Could Be Worth $54M But Cashing Out Might Be Tricky: 'Everybody's Hyper Aware Of This Now' | Benzinga
Keith Gill, popularly known as Roaring Kitty, has amassed a substantial position in GameStop Corp. (NYSE:GME), through call options. However, cashing in on these options could prove challenging, according to experts.
What Happened: Trade Alert data revealed that the number of open contracts in GameStop rose to 145,000 by the end of May, a significant increase from the 15,000 recorded on May 19. With an average trading price of $5.52 during this period, a buyer of 120,000 options contracts could have made around $54 million by Monday, based on the contracts’ closing price of $10 each, Reuters reported
However, exiting this options trade could pose a challenge. The size of the position and the attention on GameStop could make selling the options or taking delivery of the underlying shares problematic. This could potentially reduce the price of the options and the underlying ...