No one can argue that GameStop GME, -1.85% isn’t in a better position than it was one year ago, but whether the OG meme stock is worth its current price will be a white hot topic of debate when the videogame retailer announces earnings after Wednesday’s closing bell.
Once retail investors took control of the stock price, GameStop spiked more than 4,600% in January at the height of an epic short squeeze that birthed similar moves in AMC Entertainment AMC, +8.66%, BlackBerry BB, -2.17% and others. Shares are still up more than 2,400% year-over-year, while Cohen has become both the company’s chairman and a folk hero on social media where GameStop shares remain something between a financial instrument and an article of faith.
Analysts mostly agree with Pachter. Of the five analysts covering GameStop, three rate the stock as a SELL while two rate it as a HOLD.“GME HAS BEEN LOADING BULLETS AND IS READY TO HUNT,” crowed user RealBeltracchi on GameStop subreddit Superstonk. On Reddit and Twitter, users mused that Cohen’s plan will include everything from creating a platform to sell NFTs to a move that would make the company a leader in decentralized finance, perhaps even resulting in GameStop fighting short sellers by introducing a class of stock that uses Blockchain technology, making it harder for shorts to manipulate.
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