Despite the massive short squeezes, many short-sellers are increasing their bearish positions on the video games retailer. The number of GameStop shares that have been borrowed and sold short surged by 1.4 million worth $91 million over the past 30 days, according to S3 Partners.
S3 partners Managing Director Ihor Dusaniwsky told Bloomberg, “We are seeing a short-squeeze on older shorts who have incurred massive mark-to-market losses on their positions but are seeing new shorts coming in and using any stock borrows that become available to initiate new short positions in hopes of an eventual pullback from this stratospheric stock price move.”
The stock price of the video games retailer started to climb after announcing on January 11 that activist investor and Chewy CEO Ryan Cohen will join its Board of Directors.
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