Citadel Advisors And Susquehanna Load Up On GameStop Shares

November 15, 2024

Updated on November 16, 2024

Citadel Advisors LLC and Susquehanna International Group, LLP, have loaded up on GameStop (GME) shares according to the latest 13F filings.

Citadel Advisors LLC has boosted its stake in GameStop ($GME) by 25.72% during the third quarter, according to a recent SEC 13F filing.

The filing reveals that the firm now holds 2,400,543 shares of GameStop, an increase of 491,164 shares from the previous quarter.

This stake is valued at approximately $55,044,450 according to Quiver Quant estimates.

In total, 155 institutional investors have recently added GameStop shares to their portfolios, while 111 have reduced their holdings in the last quarter.

Here are some of the notable recent changes:

BLACKROCK, INC. added 9,642,309 shares (+42.7%) in Q3 2024
VANGUARD GROUP INC increased its holdings by 7,409,452 shares (+24.9%) in Q3 2024
STATE STREET CORP added 3,070,571 shares (+38.0%) in Q3 2024
GEODE CAPITAL MANAGEMENT, LLC increased its position by 1,852,088 shares (+41.8%) in Q3 2024
JANE STREET GROUP, LLC sold off 1,750,186 shares (-93.7%) in Q3 2024
SUSQUEHANNA INTERNATIONAL GROUP, LLP added 1,577,852 shares (+158.1%) in Q3 2024
DIMENSIONAL FUND ADVISORS LP increased its holdings by 883,572 shares (+439.5%) in Q3 2024

Investors have shared their thoughts and speculation as to why these hedge funds are purchasing GameStop shares after betting against the company for so long.

“Never think one day I’m gonna see Shitadel start buying 😂💀,” said one user on Reddit.

“Everyone seems to have forgotten about bullets.

Slowly accumulated long position they can dump to control upward price movements or to drop the price,” shared another user.

“Funniest thing is… Its only Synthetichs 😆😆😆,” remarked another.

Others are speculating the purchasing as a way to hedge against their bets.

“”I play both sides, so I always come out on top”.

I’m no expert, but isn’t this a really good sign?

They’re hedging their bet.

If they think it’s going to go up they want to shift some exposure to the long side,” added another investor.

Fidelity recently gave GME a ‘bullish’ rating of 7.1 following the company’s sustained gains of more than 60% this year-to-date and reported profits.

In September, GameStop reported that it had a whopping $4 billion of cash on hand, breaking record from any other year.

The increase in reported cash on hand has grown significantly since 2020 when the retailer’s lowest reporting was only $500 million, per MacroTrends.

This equates to an impressive 251.9% increase year-over-year.

Are hedge funds preparing to capitalize from an upcoming rally?

I’d love to hear your thoughts on this one.

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