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They’ve gotten public support from politicians and celebrities, including the famously anti-short Elon Musk. “Hedge funds and the market movers are betting on us pulling out,” Williams said. If the stock price remains high, hedge funds that are shorting the company will lose. Even the most bullish analyst tracked by Bloomberg has a 12-month price target on the stock at $33, compared with its closing price Friday of $325.īut there’s another reason Williams and others are reluctant to sell: They are now emotionally connected to the stock and its future, viewing ownership as being part of a battle with institutional investors and hedge funds that were banking on the company’s failure.
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This, despite the fact that the company isn’t projected to turn an annual profit until 2023, and the average analyst price target implies that shares will lose more than 95% of their value in the coming year, as of Friday afternoon. He believes there’s a bright future for GameStop, a brick-and-mortar video-game retailer, following the lead of Ryan Cohen, a billionaire entrepreneur who joined the company’s board this month. Noah Williams, a 36-year-old from Atlanta, became something of a WallStreetBets celebrity when he posted about paying off his student debt earnings from GameStop Corp. But some Redditors view cashing out now as a betrayal of their campaign against the Wall Street establishment, and are imploring their fellow traders to “hold the line” rather than sell. They’re people who work salary jobs in fields like contracting, advertising and engineering, for whom this kind of windfall could make a substantial difference in their lives. Now that members of the Reddit forum WallStreetBets have become a cultural juggernaut on Main Street and a force to be reckoned with on Wall Street, many of the investors who make up their ranks are grappling with a hard question: When should we sell? Then their holdings plummeted, only to rebound again to stratospheric heights unimaginable just a few weeks earlier. They made gains collectively worth billions and bludgeoned two hedge funds. NEW YORK (Capital Markets in Africa) - On Wednesday they watched their fortunes surge.