Citron Exits Short Position on GameStop

Citron 退出 GameStop 空頭部位

Prominent short seller Citron Research has closed its short position on GameStop (GME) stock.

著名賣空者 Citron Research 已平倉 GameStop （GME）股票的空頭部位。

Rationale

基本原理

Citron attributed its decision to "market irrationality" and "cult-like" shareholder behavior, as stated in a June 12 post:

Citron 將其決定歸因於「市場非理性」和「邪教式」股東行為，如 6 月 12 日的貼文所述：

"Citron is no longer short $GME. It's not because we believe a turnaround in the company's fundamentals will happen, but with $5 billion in the bank, they have enough runway to appease their cult-like shareholders."

「Citron 不再做空 GME 美元。這並不是因為我們相信公司基本面會發生好轉，而是因為銀行里有 50 億美元，他們有足夠的空間來安撫狂熱的股東。”

Market Context

市場背景

This move comes amid a significant rise in GME's stock price, which surpassed $30 after a 22.8% intraday rally on Tuesday. Currently, GME is trading at $30.49, up 3.3% in pre-market trading.

此舉發生之際，GME 股價大幅上漲，週二盤中上漲 22.8%，股價突破 30 美元。目前，GME 交易價格為 30.49 美元，盤前交易上漲 3.3%。

Analyst Outlook

分析師展望

GameStop analyst Michael Pachter of Wedbush has rated GME as "underperform" with a 12-month price target of $11, indicating a potential 60% drop from its current price.

Wedbush 的 GameStop 分析師 Michael Pachter 將 GME 評為“表現不佳”，12 個月目標價為 11 美元，表明其當前價格可能下跌 60%。

Citron's Stance

香櫞的立場

Despite this bearish outlook, Citron opted to exit its short position due to prevailing market irrationality:

儘管前景看跌，Citron 還是因市場普遍非理性而選擇退出空頭部位：

"Despite Wedbush setting an $11 target today, we respect the market's irrationality."

“儘管 Wedbush 今天設定了 11 美元的目標，但我們尊重市場的非理性。”

"After all, Dogecoin remains a $20 billion entity."

“畢竟，狗狗幣仍然是一個價值 200 億美元的實體。”

Market Sentiment

市場情緒

Citron drew a parallel to Dogecoin, which has a $20.2 billion market capitalization driven by social media hype despite lacking intrinsic value. This highlights the influence of market sentiment and risk appetite on valuations.

Citron 與狗狗幣進行了類比，狗狗幣儘管缺乏內在價值，但在社交媒體炒作的推動下擁有 202 億美元的市值。這凸顯了市場情緒和風險偏好對估值的影響。

GameStop Fundraising

GameStop募款

Amid the retail investor-fueled short squeeze, GameStop raised $2.14 billion by selling 75 million shares through an "at-the-market" equity offering on June 11.

在散戶投資者推動的軋空中，GameStop 於 6 月 11 日透過「市場」股票發行出售 7,500 萬股，籌集了 21.4 億美元。

Roaring Kitty's Role

咆哮小貓的角色

Citron criticized Roaring Kitty (Keith Gill) for his controversial live stream, calling it "an insult to capital markets." Gill is reported to hold $181.4 million in GME stock and call options.

Citron 批評 Roaring Kitty（基斯·吉爾飾）頗具爭議的直播，稱其為「對資本市場的侮辱」。據報道，吉爾持有價值 1.814 億美元的 GME 股票和看漲期權。

Citron's Future Stance

Citron的未來立場

Despite the volatility and controversy, Citron has opted to monitor the situation from the sidelines for now.

儘管存在波動和爭議，Citron 目前仍選擇旁觀局勢。