Just when you thought that the GameStop (NYSE:GME) saga couldn’t get any more wild, it did. In fact, ETrade is considering banning Keith Gill from its platform due to concerns about potential stock manipulation surrounding his recent GameStop purchases, according to an article from the Wall Street Journal. Still, GME shares gained slightly in after-hours trading.
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Gill, also known as Roaring Kitty and DeepF—Value, reignited interest in GameStop in May by buying a large volume of options on ETrade. He recently posted a screenshot showing he holds $115.7 million in stock and new options expiring soon, with total gains of $6.86 million. This caused GameStop shares to surge 31% on Monday and highlights the level of influence Gill has on the stock. Despite the scrutiny, no final decision has been made.
Is GME a Good Stock to Buy Right Now?
Turning to Wall Street, Wedbush’s Michael Pachter, the lone analyst tracking GameStop at the moment, has reiterated a Sell rating on the stock alongside an average GME price target of $7. This comes after a nearly 60% year-to-date rally.
