GameStop Corp (NYSE:GME) jumped 78% Monday to put the squeeze on short sellers once more, but one bearish analyst isn’t going away quietly, making a new bet that the video-game retailer’s stock will soon run out of steam.
Andrew Left, the founder of Citron Research, said he placed a new short position on the stock after closing out his prior bearish position placed in May.
“I have covered my short from May, and then I re-shorted it today,” Andrew Left said in an interview with Bloomberg. But Left didn’t disclose the size of the new bearish position on Gamestop, he signaled that it was smaller than his previous short positions.
The new bearish bet comes as the stock was given another huge boost after Monday after Keith Gill, also known as “Roaring Kitty”, who was credited with sparking the initial memestock rally in January 2021, unveiled a five million stake in Gamestop, ushering in a fresh wave of memestock fever.
Left signaled that his bearish bet against wasn’t personal, saying he habored “no ill will towards the company.”
Shares of the video game retailer have been on rollercoaster ride, with gains of about 80% year to date, though remain below a recent peak of $48.75.
