NEW YORK, January 27, 2026, 04:56 ET — Premarket
- GameStop climbs roughly 2% in premarket trading, following a 4.4% rise in the previous session
- Michael Burry revealed in a Substack post that he has been purchasing the stock
- An entity tied to a director revealed a recent share acquisition in a regulatory filing
Shares of GameStop Corp climbed roughly 2% in premarket action Tuesday, extending gains following a strong rally the day before fueled by new remarks from investor Michael Burry. 1
This move is significant since GameStop stays a high-beta retail darling, with headlines and online buzz still able to jolt the price sharply before the bell. Its swings frequently attract short-term traders hunting for momentum once the cash market opens.
Burry jumping back into the GameStop talk underscores just how much the stock still reacts to big names, even five years after the meme-stock frenzy that turned the videogame retailer into a retail trading icon.
Burry revealed on his Substack that he’s been buying GameStop shares, describing it as a long-term investment rather than a squeeze play. He emphasized he’s “not counting on a short squeeze,” highlighting the stock’s valuation at about “1x tangible book value” — essentially the value of physical assets minus liabilities, ignoring intangibles. 2
GameStop jumped 4.4% on Monday, closing after moving between $22.95 and $25.01. Roughly 36.0 million shares changed hands. 3
A regulatory filing revealed that director Lawrence Cheng, via Cheng Capital LLC, purchased 5,000 shares on Jan. 23 at a weighted average price of $22.8737. 4
GameStop is reshaping its business as videogame sales move online and fewer customers visit stores, focusing on cost reductions and boosting higher-margin areas like collectibles. The stock also stays a magnet for short sellers, which often sparks sharp rallies when they scramble to cover their positions.
But these forces work both ways. If the premarket buying wanes or risk appetite shifts, the stock can lose its gains fast, with liquidity drying up after the early surge in buying fades.
Traders will watch if Tuesday’s early gains hold through the open and if volume rebounds to Monday’s pace or falls back to the stock’s usual quieter levels.
Investors are eyeing two upcoming dates: GameStop’s fiscal 2025 wraps up on Jan. 31, and shareholders will likely vote in March or April on a performance-based award for CEO Ryan Cohen. 5
