In a plot twist that would make even the most seasoned investor’s head spin, the New York Stock Exchange (NYSE) has thrown the big red flag known as a Short Sale Restriction (SSR) at GameStop. It seems the volume of short sales went supernova, rocketing up by a mind-boggling 234% in just 24 hours. 🤯
According to the folks at TradingView, GameStop (GME) saw a staggering 30.85 million shares sold short on March 27. It’s like everyone and their grandmother decided to bet against the company overnight!
The SSR is the stock market’s version of a timeout, and it gets called when a stock takes a tumble of more than 10% from the previous day’s closing price. GameStop’s stock decided to take a swan dive, plummeting 22% and saying goodbye to its 12% Bitcoin-induced high. 📉
As of press time, GME was sitting at $22.09. Not exactly a comfortable place for those short sellers, I’d imagine.
Kevin Malone, the president and CEO of Malone Wealth, took to the X platform to declare that GameStop traded 50 times more shares than last Thursday. “Not statistically possible without naked short-selling,” he claimed. I guess the market’s version of streaking is still alive and well. 🏃♂️
Remember the good old days of January 2021 when GameStop stocks made hedge funds weep? Well, we’re nearly back to those glory days, with the highest point being 33.26 million shares on Jan. 19.
GameStop’s recent announcement about dipping into the Bitcoin market has raised a few eyebrows. Some analysts, like Tom Sosnoff of Tastylive, are calling it “dot-comish.” Translation: it’s like slapping “.com” on your company’s name and hoping for the best. 🙄
But let’s not forget the real star of the show: Keith Gill, the stock trader who became a legend after the 2021 short squeeze. On June 3, 2024, he helped push short sales to a record-breaking 46.20 million. Now that’s what I call making an entrance!
GameStop’s plan to use convertible senior notes for, among other things, acquiring Bitcoin might sound fancy, but it’s not exactly a crowd-pleaser. Analysts like Han Akamatsu are drawing parallels to MicroStrategy’s stock dip after issuing convertible notes. Will history repeat itself? Only time (and maybe a bit of short squeeze magic) will tell. 🤷♂️
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2025-03-28 07:14