Reddit trader Keith Gill told Congress he'd still buy GameStop stock at its current price
- Keith Gill, the notorious retail trader also known as "
Roaring Kitty," told lawmakers on Thursday he still finds GameStopan attractive investment.
- When questioned in a House hearing, Gill said he would still buy shares at their current level, which is about $45. He added that his strategy is "rather aggressive."
- The investor added his position is "based on the fundamentals" and that he mostly didn't expect shares to hit their record high of $483.
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Gill joined the CEOs of Robinhood, Citadel, Reddit, and Melvin Capital in a hearing focused on the GameStop phenomenon. When asked by Rep.
"Investing can be risky, and my particular approach to investing is rather aggressive and may not be suitable for anyone else. For me personally? Yes," he said, affirming he would still buy shares.
The retail investor rose to fame in January for his claimed multimillion-dollar gains in GameStop when shares shot higher last month. Posts featuring his profits garnered tens of thousands of comments on Reddit, and day traders fueling the meme-stock rally praised Gill for his early bullishness toward the video-game retailer.
Gill emphasized in his opening testimony that his reasoning for buying
"GameStop's stock price may have gotten a bit ahead of itself last month, but I'm as bullish as I've ever been on a potential turnaround," he said. "In short, I like the stock."
Gill reiterated his thesis when questioned if his outlook had changed. He noted that, when he opened his position in June 2019, shares traded at around $5. The position expected shares to eventually be worth between $20 and $25, Gill said, adding he largely did not expect the stock to hit its record high of $483 in January.
"My investment in GameStop was based on the fundamentals," he said.
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