Shorts sellers have had a rough time of it over the past few years given the mind-blowing bull run in stocks. Only the most nimble, patient and well-funded short sellers have weathered the storm. However, with the recent plunge in stock prices, short selling is back in vogue. A recent Bloomberg cover is somewhat of an homage to the short selling crowd... what's left of them anyway.

Putting an explanation point on the recent changing of the guard, today a well-known short seller took a victory lap against none other than Jim Cramer... the over-caffeinated, buy button pushing poster child of the bull market run.

The firm was Citron Research. The stock in question was Ambarella (NASDAQ: AMBA)... the supplier of chips to GoPro (NASDAQ: GPRO) and drone manufactures and a momentum crowd favorite.

On June 19, Citron Research first came public with its short sale on Ambarella. Shares were around $127 at that time. The short seller slapped the stock with a $60 12-month price target and a $40 18-month price target. Citron called the stock's valuation "crazy."

Jim Cramer, a bull on the stock, challenged Citron on its negative view of Ambarella. A few days after the Citron short selling disclosure, Cramer came out to defend the stock. "... in the wake of this monster selloff, I think Ambarella has become a rapid grower that's now too inexpensive to ignore. You're basically getting the company's most recent spectacular quarter for free at these levels," Cramer said at that time. The back and forth between Citron and Cramer continued. On August 10th, Citron Research challenged Jim Cramer with a prop bet on Ambarella. The bet is whether or not he stock will be over or under $119 on March 10, 2016, with the loser donating $50 thousand. It is unclear if Cramer took that bet.

Today, Citron Research said they are covering their Ambarella short for a nice gain following the post-earnings plunge as they see better opportunities elsewhere.

Shares of Ambarella currently trade around $79. Although Citron didn't disclose its cost basis or profit from the short sale, shares are down 38% since its initial disclosure. Not bad for a few months work.

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