Investing.com — GameStop Corp (NYSE:) soared 78% on Monday to put further pressure on short sellers, but one bearish analyst isn’t going away quietly and is once again betting that the video game retailer’s stock will soon run out.
Andrew Left, the founder of Citron Research, said he had placed a new short position on the stock after closing his previous bearish position from May.
“I covered my short from May and shorted it again today,” Andrew Left said in an interview with Bloomberg. But Left did not disclose the size of the new bearish position on Gamestop; he indicated that this was smaller than his previous short positions.
The new bearish bet comes as the stock got another huge boost on Monday after Keith Gill, also known as “Roaring Kitty”, who sparked the first meme stock rally in January 2021, bought a five million stake in Gamestop revealed, kicking off a new wave of memestock fever.
Left indicated his bearish bet was not personal, saying he harbored “no ill will toward the company.”
The video game retailer’s shares have been on a rollercoaster, with gains of about 80% so far this year, but remain below a recent peak of $48.75.
