Short-selling hedge funds have suffered a mark-to-market loss of $1.02 billion in the brick-and-mortar video game retailer
A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange March 29, 2022.on Monday has already caused losses of $1 billion for short sellers, according to data from S3 Partners.
"Expect short covering in this stock as it already had a 100/100 squeeze score prior to today's trading," said Ihor Dusaniwsky, S3 managing director of predictive analytics.was seemingly triggered by "Roaring Kitty," who once encouraged an army of day traders to pile the gaming stock in 2021, an episode that made Wall Street history.
"Squeeze related buy-to-covers will be helping to push GME's stock price higher - but also expect new short sellers to jump into this trade as GME stock prices around or above the $30 level will be attractive entry points for new short selling," Dusaniwsky said.
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