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Short sellers of
GameStop
stock just got squeezed. Shares of the videogame retailer spiked nearly 94% on Wednesday, though the gain shrank to about 57% through the market’s close.
In an email to
Barron’s, S3 Partners’ Ihor Dusaniwsky pointed to optimism following news on Monday that Chewy co-founder Ryan Cohen and two other former Chewy executives were joining GameStop’s (ticker: GME) board of directors. That, paired with holiday sales results, appeared to trigger “a long buying tsunami,” according to Dusaniwsky
Barron’s recently noted, citing short-selling data from S3 Partners, that the stock appeared to be primed for a short squeeze, when demand for a stock briefly rises as investors rush to cover bets that the price will fall. Investors have been betting against GameStop stock, given industry trends like the growth of free-to-play online games. Consumers’ growing tendency to buy games online, rather than shopping for copies at stores, has left the company’s physical disc business in an awkward spot.

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