Citron Research Halts Short Selling GameStop Amidst Market Unpredictability and Investor Fervor
Summary:
Short selling firm Citron Research has ceased its short position on GameStop (GME) shares, attributed to unpredictable market mechanisms and passionate investor behavior. The decision came on the heels of a 22.8% one-day rally that pushed GME's stock price over $30. Currently, GME's value rests at $30.49, showing a pre-market upsurge of 3.3%.
Renowned GameStop short seller Citron Research has halted its short position on GameStop's (GME) shares as a response to what's seen as inexplicable market trends and zealous investor behavior. The firm stated on a June 12 post: "We have stopped shorting $GME. This is not due to any belief in an upswing for the company's basics, but the $5 billion they have in reserve is enough to keep their fervent investors content." The decision was made shortly after the GME stock price surged past $30, following a significant 22.8% increase within a single day's trading on Tuesday. As per Google Finance data, GME shares are now trading for $30.49, witnessing a pre-market increase of 3.3%. As additional details emerge, this ongoing news story will continue to be updated.
Published At
6/12/2024 3:18:14 PM
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