The Reddit group WallStreetBets has been taking aim at short-sellers — and now one of their main targets, Citron Research, is getting out of the game:
Citron is an investing firm that has for 20 years published reports about stocks it thinks are overvalued, and could be good short-selling candidates. It became a chief target of the WSB crowd for its GameStop call.
Just last week Citron’s founder Andrew Left called GameStop a “failing mall-based retailer” and mocked traders fueling the stock’s rise, predicting a crash to $20. Enter Reddit, and well, you know the rest: The stock closed above $197 on Thursday. Left had already given up on shorting GameStop, citing harassment by the stock’s backers.
And now Citron won’t publish short-selling research at all.
According to Left’s video posted Friday morning, the firm is shifting focus because he founded Citron to “be against the establishment,” but realized “we’ve actually become the establishment.”