Andrew Left Of Took On The Wrong Crowd...GameStop Short Sellers Getting Squeeze Like Oranges

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    rollandthomas

    Published on Jan 24, 2021
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    Gamestop, the gaming retailer has been struggling with shrinking profits as consumers shift to downloadable videogames instead of buying physical versions from stores. Microsoft plans to offer digital downloads at significant discount over the physical version. Sony introduced PlayStation Now, an on-demand game-streaming service that promises to deliver old PlayStation games over the Internet.

    Prior to the pandemic, GameStop reported a 3% drop in revenue and a $673 million net loss in 2019. In the third quarter of 2020, the company reported an $18.8 million net loss and a 30.1% drop in revenue.

    Despite the bearish fundamental trends in GameStop’s business, a large short squeeze has sent the stock soaring 360% in the past month to new all-time highs. One of the driving forces behind the squeeze appears to be online communities of high-risk speculative momentum traders, such as the Reddit community WallStreetBets. These communities are the latest version of a classic trading strategy known as pump-and-dump.

    Source

    Andrew Left is the founder of Citron Research and is one of Wall Street’s most prominent short-sellers. Andrew puts out regular reports and twits every time it thinks a company is worth far more than it should be. Many times he’s talking about how overvalued a company is or that the company is complete fraud. For over 15 years, Andrew has made millions of dollars shorting stock. But last week, he took on the wrong crowd and decided it wasn’t worth it.

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    Tags :

    leofinance stocks gamestop andrewleft neoxian

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