Citron Exits Short Position on GameStop

Citron 退出 GameStop 空头头寸

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

著名卖空者 Citron Research 已平仓 GameStop （GME）股票的空头头寸。

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 将其决定归因于“市场非理性”和“邪教式”股东行为，如 6 月 12 日的帖子所述：

"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。这并不是因为我们相信公司基本面会发生好转，而是因为银行里有 50 亿美元，他们有足够的空间来安抚狂热的股东。”

Market Context

市场背景

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.

此举发生之际，GME 股价大幅上涨，周二盘中上涨 22.8%，股价突破 30 美元。目前，GME 交易价格为 30.49 美元，盘前交易上涨 3.3%。

Analyst Outlook

分析师展望

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 分析师 Michael Pachter 将 GME 评级为“表现不佳”，12 个月目标价为 11 美元，表明其当前价格可能下跌 60%。

Citron's Stance

香橼的立场

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

尽管前景看跌，Citron 还是因市场普遍非理性而选择退出空头头寸：

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

“尽管 Wedbush 今天设定了 11 美元的目标，但我们尊重市场的非理性。”

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

“毕竟，狗狗币仍然是一个价值 200 亿美元的实体。”

Market Sentiment

市场情绪

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 与狗狗币进行了类比，狗狗币尽管缺乏内在价值，但在社交媒体炒作的推动下拥有 202 亿美元的市值。这凸显了市场情绪和风险偏好对估值的影响。

GameStop Fundraising

GameStop筹款

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.

在散户投资者推动的轧空中，GameStop 于 6 月 11 日通过“市场”股票发行出售 7500 万股，筹集了 21.4 亿美元。

Roaring Kitty's Role

咆哮小猫的角色

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 批评 Roaring Kitty（基思·吉尔饰）颇具争议的直播，称其为“对资本市场的侮辱”。据报道，吉尔持有价值 1.814 亿美元的 GME 股票和看涨期权。

Citron's Future Stance

Citron的未来立场

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

尽管存在波动和争议，Citron 目前仍选择旁观局势。