GameStop Corp ( GME ) shares are trading higher Thursday, bouncing back a bit after falling more than 16% on Wednesday. Here’s a look at what’s going on.

What To Know: GameStop ( GME ) trader Keith Gill, also known as "Roaring Kitty," is largely responsible for much of the recent volatility in GameStop ( GME ) stock. He’s often credited with starting the meme stock mania of 2021 and he has sparked increased attention on meme stocks since he returned to social media following a three-year hiatus.

The biggest move in GameStop ( GME ) stock since Gill’s return came after the trader posted a position update showing that he was holding 5 million shares of GameStop ( GME ) and call options expiring later this month. New reports suggest he may have started selling some of those short-dated call options.

There was a surge in trading activity in GameStop ( GME ) call options expiring in June on Wednesday, which prompted some to speculate that Gill may be making moves, according to Reuters.

The report indicates that around 93,000 call options set to expire this month changed hands on Wednesday, some in large chunks of 5,000 contracts or more. The seller was also reportedly placing some of the trades below the bid price.

“[It] looks like he is closing the position,” said Chris Murphy, co-head of derivatives strategy at Susquehanna. “While he did not finish closing, he probably has enough cash now to exercise the rest if he wanted to.”

Speculation that it might be Gill appears to have sparked a selloff in shares on Wednesday. Gill has not provided a position update since Monday night, when he shared a screenshot on Reddit showing he still owned 5 million shares and 120,000 options contracts with a strike price of $20, expiring on June 21.

Check This Out: Did ‘Roaring Kitty’ Drive GameStop Options Surge? Strategist Analyzes Gill’s Funding Needs To Exercise His Calls

GME Price Action: GameStop ( GME ) shares were up 4.87% at $26.70 at the time of publication, according to Benzinga Pro.