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GameStop Short Interest Plunges in Sign Traders Are Covering

  • Short interest ratio at about one-third of previous highs
  • Stock plunges Monday following a wildly volatile week
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After absorbing a $20 billion hit, bears appear to have started covering their GameStop Corp. positions in earnest as the stock plunges.

Short interest in the video-game retailer plummeted to 39% of free-floating shares, from 114% in mid-January, according to IHS Markit Ltd. data. Data from S3 Partners, another market intelligence firm, showed a similar pattern, with GameStop’s short sales having fallen to about 50% of its total stock available to trade, down from a high of roughly 140% reached earlier this year.