GameStop (NYSE:GME) short sellers have now lost $320 million this year according to the latest S3 Partners data.
As of June 10, short sellers have accumulated approximately $318 million in mark-to-market losses through 2023.
GME stock ended last week up more than +7% and company shares are up more than +42% this year-to-date.
GameStop is still a heavily shorted stock with Ortex currently reporting a high short interest of 22.14% and a short score of 88; updated daily here.
The company has more than 76.18 million shares held short with short sellers paying nearly 10% in annual fees to short GME stock.
While GameStop short sellers have lost $320 million this year so far, it’s possible that a spike in the share price may trigger another short squeeze.
“As the broader stock market has been on a tear for about a month, things are looking grim for investors with big short positions in stocks like AMC Entertainment Holdings Inc. and GameStop,” said Ihor Dusaniwsky, head of predictive analytics at financial technology and analytics firm S3 Partners.
“One factor that is also killing profits for short sellers is the borrowing costs on stocks that no one is willing to part with,” he continued.
Read: “The Game is Rigged” Says Ex-Citadel Data Scientist
A New Analysis Projects Big Price Surge in GameStop
A new analysis is projecting a big price surge in GameStop stock.
The Elliott Wave Forecast has recognized an Elliott Wave Nest pattern in GameStop’s current trend.
“Most of the time a nest happens before a huge move takes place,” says BarChart.
In simple terms, the Elliott Wave Nest is essentially a break in structure towards the upside, signaling powerful bullish momentum.
Here’s what this looks like in GameStop:
“The chart above shows the reactions higher from the 1.06.2023, 3.16.2023 and 5.02.2023 lows and the series of higher highs and higher lows taking place.
In a nesting structure, one needs to observe the RSI readings.
The second nest should erase divergence against the first peak and the last nest should come with divergence against the previous peak.
From here, the stock should remain above $18.06 otherwise the nesting structure is invalidated.
Once the wave of 3 starts, we expect the stock to rally towards $55 – $80 before entering into a series of 4s and 5s.”
This analysis was published on Monday, June 12th by Elliot Wave Forecast and shared by BarChart, who claim did not have any position in the security being mentioned.
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I Hope every one of those pieces of dog shit end up broke and living in their car!
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