GME - Short Seller Citron Closes Short Position In GameStop Says 'It Respects Market's Irrationality' | Benzinga
GameStop Corp (NYSE:GME) stock is trading higher on Wednesday after short-seller Citron Research closed its short position in the company.
Citron Research tweeted Wednesday that it no longer has a short position on the stock. The short seller is not bullish on the company’s fundamentals.
It said “with $5 billion in the bank, they have enough runway to appease their cult like shareholders. Despite Wedbush setting an $11 target today, we respect the market’s irrationality. After all, Dogecoin remains a $20 billion entity. While the increased share count might temper the mob mentality, Citron will be watching from the sidelines for now.”
It seems GameStop continues to impress investors with its cash balance despite its hard luck with its e-commerce strategy, dismal brick-and-mortar store count, and sales decline.
Citron remained on the sidelines for now ...