According to Odaily, GameStop's intraday gains have expanded to 10%. This comes after the announcement made by a US short-selling institution, Citron, on social media platform X. The institution declared that it has ceased short-selling GameStop.
The news has had a significant impact on the stock market, with GameStop's shares experiencing a substantial increase. The decision by Citron to stop short-selling the company's shares has been seen as a positive move by investors, leading to the surge in GameStop's stock price.
It's important to note that short-selling is a trading strategy where investors bet on the decline of a stock's price. Therefore, Citron's decision to stop short-selling GameStop indicates their belief in the company's potential for growth. This has resulted in increased investor confidence, contributing to the rise in GameStop's share price.