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Andrew Left, Founder and CEO of Citron Research
Adam Jeffery | CNBC
Citron Research, which was forced to close its short position on GameStop amid a retail buying frenzy, said Friday it would no longer publish short reports and instead focus on long positions.
“After 20 years of publication, Citron will no longer be releasing ‘short reports’,” the company said in a tweet. “We will focus on providing long side multibagger opportunities for individual investors.”
Andrew Left, short seller and founder of Citron Research, said earlier this week that after speculative traders pushed up GameStop’s stock, he hedged the majority of his short position on GameStop at a loss. He previously said GameStop would return to $ 20 a share “quickly” and called the attacks from the “angry mob” who own the stock.
“20 years ago, I started Citron with the intention of protecting the individual against Wall Street, against fraud and stock promotions were over,” Left said in a YouTube video Friday. “Where we started, Citron was supposed to be against the establishment, we actually became the establishment.”
“So, effective today, Citron Research will no longer publish what can be considered short selling reports,” Left added. Left said the company will now focus on long-term opportunities for investors.
In 2020, the performance of the Citron fund said its long recommendations increased an average of 121% between the recommendation date and the stock’s high point, Left said.
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