GameStop's Second Meme Surge Fails To Draw 2021's Retail Investor Crowd, SEC Data Shows (CORRECTED)

Editor’s Note: A key point in this article has been updated to reflect accurate information on GameStop’s peak May 14 share price.

GameStop Corp.‘s (NYSE:GME) second meme stock surge this spring hasn't attracted the swarm of retail investors that made the company famous in 2021, according to trade data released Monday by the Securities and Exchange Commission.

Retail participation in GameStop was roughly half what it was during the original frenzy in January 2021, judging by odd lot volume as a percentage of all volume during the May rally, according to the SEC trade data released on Tuesday, Bloomberg reported.

Odd lots, or trades of less than 100 shares, can serve as a rough proxy for retail participation since individual investors typically trade smaller quantities, while institutional investors tend to trade in round lots, which are orders divisible by 100.

GameStop shares surged in May, rising from $10.91 on May 1 to a high of $64.83 on May 14, after “Roaring Kitty,” also known as Keith Gill—the social media persona credited with sparking the 2021 meme stock trading frenzy—posted about GameStop on X following a three-year hiatus.

Read Also: GameStop’s Rally Resumes In May – What Sparked The Interest?

In the May 14 post, Gill shared a drawing depicting a man leaning forward in a chair, a widely recognized meme among gamers signaling heightened intensity or seriousness.

GameStop shares went as high as $120.75 in January 2021 after Gill's Reddit posts in the Wallstreetbets group boasted about his profits from investing in GameStop.

The rally had spread to highly shorted stocks, including AMC Entertainment Holdings Inc. (NYSE:AMC) as Reddit users joined forces to squeeze hedge funds who bet against GameStop and other companies.

Roaring Kitty sparked a frenzy among day traders, who rallied to invest heavily in GameStop stocks and call options from 2020 to 2021. 

This collective action caused a short squeeze, resulting in GameStop shares skyrocketing by 1,700% during the 2021 price surge.

Price Action: GameStop declined 2.90% to close at $20.74 on Tuesday.

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