We are going to look at why GME jumped today, the additional purchase of shares by RC Ventures, GME trending on Twitter and Stocktwits, and an overview of GameStop subreddits.
Ryan Cohen, CEO of GameStop released a great tweet this evening - shared below:
This is very true because he is referring to the recent purchase of 100,000 GameStop shares by RC Ventures through a Schedule 13D Filing.
What is a Schedule 13D? Schedule 13D is a form that must be filed with the U.S. Securities and Exchange Commission (SEC) when a person or group acquires more than 5% of any class of a company's equity shares. There are several pieces of relevant information that must be disclosed within 10 days of the transaction.
Here is a summary of the RC Ventures / GameStop Schedule 13 D Filing
As of the date hereof, RC Ventures directly beneficially owned 9,101,000 Shares, constituting approximately 11.9% of the Shares outstanding. Mr. Cohen, as the Manager of RC Ventures, may be deemed to beneficially own the 9,101,000 Shares owned RC Ventures, constituting approximately 11.9% of the Shares outstanding. source
This is a significant holding for any company or person of a publicly-traded company. We have also seen press releases, tweets, and interviews, that Ryan Cohen has GameStop's and retail investors' best interests in mind.
GameStop movement originated on Reddit, and it is still one of the best places to find information about GME. The movement has expanded to other social platforms, and GME Twitter and GME Stocktwits are two great sources to catch real-time trends when GME forum discussions start to heat up.
GameStop was trending on Twitter the last 24hrs with the number of tweets increasing by over 200%, comments up by 700%, and likes hitting 2.5 million, up close to 600%. The most significant move was the number of impressions (the number of people who see a tweet mentioning $GME) this was up 300% to 25 Million. So, over a 24hr period, over 25 million people say a tweet mentioning $GME on Twitter. This is a significant jump.
GME Stocktwits saw a similar jump in social activity for GameStop stock mentions and social movement. Posts were up 400%, comments up 70%, likes up 168%, and the total number of impressions up over 350% to 2.2 million. This type of volume is significant for Stocktwits, which typically sees about 1000 posts over a 24hr period.
Tracking real-time GME trends on social media, primarily Twitter and Stocktwits can be done with the Utradea Social Sentiment Dashboard. This includes posts, comments, likes, impressions, Google Trends, and many more metrics to help you stay on top of real-time trends.
If you've been living under a rock and are not aware of what's been happening with GameStop, Reddit, the movement to expose corruption in public markets, Jon Stewart's recent expose How Redditors Exposed The Stock Market | The Problem With Jon Stewart | Apple TV+ then I would recommend spending a bit of time to get up to speed.
What started out on r/wallstreetbets then expanded into two different subreddits, r/gme and r/Superstonk. If you are looking for solid, well-researched, and frankly solid information about GameStop then I would highly recommend spending some time on r/Superstonk. The community is smart, well organized, and has great easy-to-access resources. There are almost 750,000 members of r/superstonk, and it is one of the most engaged and active investment/stock related subreddits I've come across
Even if you are not a current GME holder, knowing what has taken place and is taking place is a must for any investor or participant in the stock market.