GameStop short sellers are now down a whopping $1 billion in May according to new data from S3 Partners analysts.
Shares of the gaming company soared more than 66% on Monday, hitting nearly $37 from a previous close of $17.39.
GME stock is currently up more than 183% in the past month alone.
Media speculates GameStop shares rose due to the return of iconic investor, Keith Gill, AKA Roaring Kitty.
Shares of AMC Entertainment stock also rose by more than 50% on Monday, hitting $4.44 from its previous close of $2.95.
The movie theatre stock is currently up 79% in the past month alone.
According to financial analytics firm, S3 Partners, GameStop short sellers have accumulated approximately $1 billion in paper losses.
“GameStop shorts are down in estimated $1 billion in May paper losses with todays +50% pop in early trading,” said Matthew Unterman on X.
“@S3Partners multi-factor squeeze risk score has been registering a max of 100 every day since May 3rd.”
S3’s Squeeze Score overlays the significant components for a squeeze, higher financing costs and unrealized losses, to their Crowded Score to identify shorted stocks with higher short-side volatility and identifies stocks that have the necessary conditions to be “squeezed”.
Squeeze Scores of 70-100 identify squeezable stocks, and scores over 90 have a significantly higher risk of a squeeze and the potential for the resulting buy-to-covers to pushing stock prices even higher, according to the companies website.
With Roaring Kitty back, does this mean meme stocks are about to blow up again based on hype and momentum again?
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Also Read: South Korea Now Finds Banks Pursued Illegal Shorting Scheme
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