Andrew Left to end commentary on GameStop short call following harassment from 'angry mob'
Added 01-22-21 01:14:02pm EST - “"We are investors who put safety and family first and when we believe this has been compromised, it is our duty to walk away from a stock," Left said.” - Businessinsider.com
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Andrew Left of Citron Research is ending his bearish commentary on GameStop after he said an "angry mob" of investors harassed him and his family over the past 48 hours, according to a letter Left posted to Twitter on Friday.
Shares of GameStop have staged a gravity-defying rally in recent weeks, with shares up as much as 234% year-to-date based on Friday's intra-day high of $63.
But Left thinks the hype in GameStop is overdone and outlined in a video posted to YouTube on Thursday why shares should trade down to $20, representing about 50% downside potential from Thursday's close.
Left is in a tug-of-war battle between a new class of retail investors that have flooded the stock market since the start of the COVID-19 pandemic last March. These investors have proliferated on forums like Reddit's WallStreetBets, which likely helped stage a more than 70% rally in shares on Friday.
Read more: 'Extremes are becoming ever more extreme': A Wall Street strategist who sounded the alarm before last year's 35% crash showcases the evidence that a similar meltdown is looming
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