GameStop Corp (NYSE: GME) is gaining at writing after short seller Citron Research said it has closed its entire position in the meme stock. Why did Citron close its short position in GameStop stock?
GameStop (GME) appears to have gotten a boost from “Roaring Kitty.”
Texas-based GameStop's planned sale of 75 million shares of common stock raised more than $2 billion in gross proceeds, the video game retailer said on Tuesday.
Well, it looks like Roaring Kitty has taken a 2-0 lead on Citron Research and Andrew Left. Back in 2021, Citron shorted GameStop (NYSE: GME ) amid the meme stock craze propelled by Kitty, whose real name is Keith Gill.
The meme stock champion, whose real name is Keith Gill, held onto his positions of 5 million GameStop common shares and 120,000 call options. If his position is in the money, many suspect that Gill won't have the capital to exercise the options and E-Trade may have to intervene.
Citron Research no longer has a short position in retail traders' favorite GameStop , the short seller said on X.com on Wednesday, days after taking a bearish position in the company.
GameStop Corp. (GME, Financial) is known as a “meme” stock. Who knows what that really means?
The retailer announced it completed an at-the-market equity offering, selling the maximum number of 75 million shares to raise proceeds of $2.14 billion.
The Reddit community WallStreetBets is synonymous with the meme stock movement. A distinguishing feature of this online community is its members' preference for stocks that have a high short-selling risk.
GameStop Corp (NYSE:GME) raised over $2.1 billion of new cash from its at-the-market share sale earlier this month, after its stock was boosted by social media posts from 'meme stock' trader known as Roaring Kitty. The Texas-headquartered video games retailer told investors last week that it had issued the appropriate filing with the US financial regulator to sell up to 75 million shares on the open market.
Generally speaking, there are lots of good reasons to consider investing in growth stocks right now. The primary factor is the expectation of rate cuts at some point this year.
GameStop says it raised around $2.14 billion from a share-sale program.