GameStop (GME) adds over 43% in premarket trading at $93.20 hitting fresh all-time highs as the battle between shorts and longs intensifies.
On Friday GameStop (GME) closed 51.08% higher at $65.01 having hit earlier on the session fresh all-time highs at $76.76 as the fight between longs and shorts intensifies.
Short-seller Citron Research threatened yesterday to post a live video explaining the “five reasons GameStop stock owners are the suckers at this poker game” and why GME stock would go back to $20 area very soon.
Citron managing partner, Andrew Left posted a video presenting the five reasons he expected GME stocks to crash to $20. Andrew Left said that he had planned to live-stream himself explaining his view on GME but that attempts to hack into his Twitter forced him to record the video.
Citron Research in a tweet noted “Too many people hacking Citron twitter, will record and post later today. $GME going to $20 buy at your own risk!”
Citron believes that “This is a failing mall-based retailer. So the number of people who are so passionate about putting GameStop higher not based on any fundamentals – it just shows the natural state of the market right now.”
Retail traders have a different opinion today and the market reacted with strong orders early Friday and GameStop stock exploded today to new all-time highs above $76. Many believe that the strong buying interest pressured some sellers to close the short positions leading to a sharp short squeeze.
As of writing, GameStop is trading below the $60 mark as the fight between the bears and bulls continue.
Meanwhile today Telsey advisory group raised GameStop (GME) price target from $33 to $22.