Gamestop Insanity: Stock Hits $385, Even After Shorts Melvin, Citron Capitulate

Read more on this subject: Stock Market
News Story Source: Zero Hedge
Update 935am: Well, if there was any question whether the capitulation of Melvin and Citron would end the furious short squeeze, it was answered moments ago when GME hit anew record high of $385, surpassed its premarket high before the news of Melvin covering its short broke, and is now trading well above $310. This confirms our speculation: there are many more shorts (and with a short interest at 140% of float, the reality is that there are MANY more shorts) who have to cover, and are scrambling to do so right now.

* * *

The "most-shorted" short squeeze, led by the infamous GammaStop Gamestop, continued overnight with our basket of most shorted names…

… exploding in the early hours and pushing GME as high as a record $365…

…. before the stock slumped following a report from CNBC that Melvin Capital, the nemesis of r/wallstreetbets which needed a $2.75BN bailout from Citadel and Point72 to avoid a terminal margin call, had "closed out its
Read More or Make a Comment

Bookmark the permalink.

Comments are closed.