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Highlights
- Andrew Left of Citron Research initiated a new short position against GameStop.
- Andrew Left says that Roaring Kitty might as well be a hedge fund manager.
- The return of meme stocks has captured the market's attention again.
The GameStop frenzy has kicked in once again on Wall Street with Roaring Kitty making a big entry on social media yesterday. Interestingly, Citron Research is once again building up short positions, despite getting heavily squeezed during the GameStop (NYSE: GME) rally in 2021.
Citron Research founder Andrew Left Building GameStop Shorts
Andrew Left, the founder of Citron Research, has initiated a new short position against GameStop Corp. after the video-game retailer’s stock price surged by as much as 75% on Monday. The spike followed Keith Gill, a prominent investor and meme stock influencer known as DeepF—ing Value on Reddit, revealing a stake of five million GameStop shares.
In May, Left had also announced a short position in the company’s shares. “I have covered my short from May and then re-shorted it today,” Left said in an interview with Bloomberg, noting that the new position is smaller than his previous ones, though he did not disclose its size.
GameStop’s early trading leap added approximately $6 billion to its market capitalization, triggering a trading halt due to volatility. Despite paring back some of the gains after trading resumed, the stock remained up over 30% by early afternoon on Monday.
Meme Stocks Frenzy To Continue?
Meme stocks have captivated the stock market once again, driven by the return of Keith Gill, known as “Roaring Kitty” on X, to social media. Gill, who gained fame in 2021 for rallying retail traders on Reddit, sparked the latest trading frenzy with a June 2 post about the beleaguered video game retailer. “He might as well be a hedge fund manager,” said Andrew Left, founder of Citron Research.
Left previously faced significant losses during the earlier meme stock saga due to his bearish bet on GameStop. Additionally, Citron Research has been embroiled in a U.S. Justice Department investigation into short selling by hedge funds and research firms.
The GameStop ($GME) meme coin is trading down by 6% as of press time, while the GME stock ended up Monday’s trading session with 21% gains at $28.00.
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