The fund did not respond to requests for comment.
Melvin previously held a 6.2 percent short bet against Evotec, according to filings with the German regulator. Shares in Evotec rallied 8 percent on Tuesday with three traders reporting that hedge fund Melvin Capital Management was closing its short positions after suffering losses on some bets. Much of the recent action among Reddit traders has centered around shares that have been heavily "shorted" by other market players - traditionally an area dominated by hedge funds. "GME shorts and longs are in a knockout battle being waged in the stock market as well as social media platforms," wrote Ihor Dusaniwsky, S3's managing director of predictive analytics.Īnother stock popular with Reddit investors, Virgin Galactic Holdings, surged 17 percent, and is now up 77 percent year to date. 6,400 crores) of losses early Tuesday, according to analytics firm S3 Partners. 36,400 crores) on a mark-to-market, net-of-financing basis in 2021, which included $876 million (roughly Rs. Short sellers in GameStop are down $5 billion (roughly Rs. 8,400) call options on GameStop on Tuesday morning after an exchange with Reddit founder Alexis Ohanian. Venture capital investor Chamath Palihapitiya said in a tweet that he had bought $115 (roughly Rs. "This is hardly an environment where informed investors are transacting to establish price discovery," said Mike O'Rourke, chief market strategist at JonesTrading. The benchmark S&P 500 has gained more than 70 percent from lows last March caused by the coronavirus pandemic. To some stock market professionals, the recent moves look symbolic of a stock market that may be overvalued at the end of a year dominated by floods of fiscal and monetary stimulus to ease the coronavirus crisis. Trading in GameStop stock was halted for volatility nine times on Monday and five times on Tuesday. 1,400) since January 12 - has spurred concerns over bubbles in stocks that hedge funds and other speculative players had bet would fall in value.
The surge in recent days - GameStop has increased more than seven-fold to $147.98 (roughly Rs. An earlier tweet by Musk sent Etsy up almost 9 percent before it reversed its gains. "A retail trader will not lean on Wall Street to manage their money and I definitely now see an antagonistic relationship between the old guard (Wall Street) and individual traders who are on the rise," he said.Īs well as GameStop, BlackBerry, also favoured on Wallstreetbets, advanced 4.9 percent and is up 185% this year.
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