'All Timing': Citron Covers Helios And Matheson Short

That was quick.

A day after calling out Helios and Matheson Analytics Inc (NASDAQ:HMNY) following its massive run, Citron Research has covered its short position.

At time of publication, Helios and Matheson traded at $22.39, down 31 percent. It had hit an intraday low of $20.60.

See Also: Citron Goes After Analytics Company Up 1,000% In A Month

Helios had risen more 1,000 percent than since Sept. 14 reports of significant MoviePass subscription growth. Citron on Wednesday set a $20 target on the stock.

While Helios and Matheson actually closed 18 percent higher Wednesday, it's had a brutal Thursday, following reports of an increased stake in MoviePass — a $1.5 million investment bringing ownership from 53 percent to 53.7 percent. As Benzinga's Elizabeth Balboa pointed out, "investors, perhaps mindful of the 40-percent downside predicted by Andrew Left, soon saw an opportunity to cash out."

A short "will be profitable if the short position is covered at a lower price than the stock was sold short. It would result in a loss if the short covering occurs at a higher price than the stock was shorted."