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Home Companies Large-Cap
warner bros discovery

GameStop Shorts Face $1 Billion Loss as Meme Stock Rally Defies Skeptics

byLuca Blaumann
May 13, 2024
in Large-Cap, Mid-Cap
Reading Time: 2 mins read
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Shares Surge 65% in May, Trimming Short Sellers’ Profits Amidst Volatile Trading

GameStop’s (GME) remarkable rally has dealt a severe blow to skeptics, with short-sellers staring at a staggering $1.4 billion in mark-to-market losses as the company’s shares nearly tripled this month. The meme-stock frenzy, reignited in May, witnessed shares soaring as much as 119% in a volatile trading session on Monday, prompting multiple halts.

The Grapevine, Texas-based retailer saw its stock rise by 185% this month, marking a sharp turn in fortunes for those betting against it. Despite trimming gains to 65% by late morning, GameStop’s resilience has confounded critics.

The resurgence of meme stocks, epitomized by GameStop, echoes the frenetic trading activity of 2021, where short-selling hedge funds suffered substantial losses. Gabe Plotkin’s Melvin Capital Management notably shuttered amidst the chaos.

While short sellers enjoyed early success in 2022, reaping around $400 million in profits from January to April, the recent rally has erased those gains, underscoring the volatile nature of meme-stock trading.

Although short interest remains high at around 24%, borrowing costs have surged, reaching over 10% annually, reflecting increased skepticism among investors. Despite lingering doubts, GameStop’s resilience suggests that the meme-stock phenomenon is far from over, posing challenges and opportunities for investors alike.

You might like this article:GameStop’s Spectacular Surge: Shares Spike 50% Amid Renewed Retail Investor Interest

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