Citron Research has said they are no longer short GameStop, $GME

Citron Research has said they are no longer short GameStop, $GME, per their report.

Andrew Left, founder of Citron Research, stated last week that he was once again betting against GameStop, though his position was "significantly lower" compared to 2021 when he had to close his position due to retail traders rallying in online forums, causing a dramatic increase in the stock's value and squeezing hedge funds.

Left told Reuters he would short GameStop again if the stock reached the $45-$50 range. He mentioned that Citron closed the previous short position at a profit but did not disclose the amount.

As of May 4, GameStop had approximately $1 billion in cash. The company announced it had raised $2.14 billion in gross proceeds from a stock sale last week, following a $933.4 million raise in May. This capitalized on the meme stock rally sparked by the return of stock influencer "Roaring Kitty" Keith Gill after a three-year hiatus.

"It's not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult-like shareholders," Citron said in a tweet.