Reddit user says research led him to believe GameStop was undervalued

This illustration photo shows a person checking the GameStop stock on a smartphone on February 17, 2021 in Los Angeles as the Reddit, Citadel, Robinhood and Melvin Capital logos are seen on the background ahead of the virtual hearing involving GameStop stocks. - The House Committee on Financial Services will hold a hearing, titled "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide" on February 18, 2021. CEOs Reddit, Robinhood, Citadel and Melvin Capital are expected to testify. (Photo by Chris DELMAS / AFP) (Photo by CHRIS DELMAS/AFP via Getty Images)

This illustration photo shows a person checking the GameStop stock on a smartphone on February 17, 2021 in Los Angeles as the Reddit, Citadel, Robinhood and Melvin Capital logos are seen on the background ahead of the virtual hearing involving GameStop stocks. – The House Committee on Financial Services will hold a hearing, titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide” on February 18, 2021.  (Photo by CHRIS DELMAS/AFP via Getty Images)

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UPDATED 2:50 PM PT – Thursday, February 18, 2021

The user who began the initial GameStop investment frenzy defended his trading strategy on Capitol Hill. In opening testimony before the House Financial Services Committee Thursday, Keith Patrick Gill said he merely discussed public information on the Reddit forum and had no insider knowledge relating to GameStop.

Gill noted his own research led him to believe the company’s stock was undervalued and that he shared his research to help other amateur investors. He said he hopes lawmakers will also look into possible market manipulation by brokers.

In the meantime, the CEO of the Robinhood app also testified and spoke out on the decision to close stocks to retail investors.

NEW YORK, NY - MAY 10: Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. (Photo by Noam Galai/Getty Images for TechCrunch)

NEW YORK, NY – MAY 10: Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. (Photo by Noam Galai/Getty Images for TechCrunch)

“Robinhood Securities put the restrictions in place in an effort to meet increased regulatory deposit requirements, not to help hedge funds,” CEO Vlad Tenev stated. “We don’t answer to hedge funds. We serve the millions of small investors who use our platform to invest.”

Tenev ultimately apologized for the move and said it won’t happen again.

RELATED: House Financial Services Committee To Hear Testimony On GameStop Stock Shorting Frenzy From CEO’s