NEW YORK, June 27, 2026, 10:04 EDT
- GameStop ended Friday at $21.76, gaining 3.57%. Shares moved up to $22.19 in after-hours trading on a boosted FY2026 adjusted EBITDA forecast.
- The stock’s market cap is $9.76 billion, nearly matching GameStop’s $9.7 billion pile of cash, securities, digital assets, and pledged collateral.
- The next session kicks off a shortened U.S. trading week, with U.S. stock markets closed Friday, July 3, for the Independence Day holiday.
GameStop Corp. NYSE:GME ended the week facing a new market test. Shares now trade less like a typical meme stock and more like a leveraged play on its cash pile, a raised profit outlook and Ryan Cohen’s attempt to buy eBay Inc. NASDAQ:EBAY.
GameStop shares ended Friday at $21.76, gaining 75 cents, or 3.57%. The stock climbed again in late trading, up 1.96% to $22.187 after the company said it’s targeting adjusted EBITDA above $600 million for the fiscal year ending Jan. 30, 2027. That’s up from $345.4 million for fiscal 2025.
U.S. markets are closed since June 27 is a Saturday in New York. Nasdaq regular trading runs 9:30 a.m. to 4 p.m. Eastern on weekdays. Its 2026 calendar puts the next closure on Friday, July 3, for Independence Day observed.
The thing to watch isn’t the after-hours move. It’s the spread between GameStop’s market cap and what’s actually on the balance sheet. Google Finance shows GameStop with a $9.76 billion market cap and 448.69 million shares out. For the first quarter, GameStop reported $7.40 billion in cash, $970.5 million in marketable securities, and $4.17 billion long-term debt as of May 2. Adjusting for cash, securities, and debt, the value is about $5.56 billion, which is roughly 9.3 times the company’s new adjusted EBITDA guidance above $600 million.
GameStop pointed to a broader asset bucket — $9.7 billion across cash, marketable securities, digital assets, related receivables and pledged collateral — and with that measure, the figure drops to about $4.2 billion, or roughly seven times the guide. This mix isn’t a straightforward enterprise value since it counts digital assets and collateral. Still, it explains why GameStop’s stock is in focus: investors are looking at whether GameStop’s cash can support the equity while Cohen looks to use the company as deal currency.
GameStop gave no sales target in its latest filing. The company said adjusted EBITDA should top $600 million and said its “leadership team remains focused” on the eBay proposal. GameStop said reconciling the forward-looking non-GAAP figure to net income isn’t possible without unreasonable effort, since some important items can’t be predicted. SEC
First-quarter numbers played a role in the re-rating. Net sales came in at $835.3 million, up from $732.4 million a year ago. Net income reached $389.6 million, though that included a $268.4 million unrealized gain from derivatives tied to eBay shares. Adjusted EBITDA, taking that gain out, was $163.4 million—already close to 27% of the new full-year target.
eBay’s bid is still the wild card here. GameStop said this week it owns 4.34 million eBay shares outright and also has put and call options tied to 39.05 million more. The company said those options can now be physically settled. GameStop said it doesn’t have voting or dispositive power over those shares unless the options are settled.
Cohen is backing the trade with his own money. In an SEC-filed transcript from the All-In Podcast, the GameStop chairman and CEO said, “I’m putting 500 million of my own money into this transaction.” On next steps, he said he’d do what was needed “in order to succeed,” adding, “I’m not going to go away.” SEC
eBay shot down the offer. In a letter signed May 12 by Chairman Paul S. Pressler, the board called the bid “neither credible nor attractive.” eBay pointed to concerns about financing, leverage, operational risk, leadership structure, valuation and GameStop’s governance. investors.ebayinc.com
Skepticism is still out there. Don Bilson, who leads event-driven research at Gordon Haskett, told Reuters last month, “there is zero chance that a tender offer works,” and said, “no eBay shareholder would opt into this.” Reuters
Short interest in GameStop is likely to add volatility around news next week. MarketWatch data put short interest at 57.05 million shares as of June 15, about 13.95% of the float. Average volume sits at 7.6 million. The company has a $2 billion buyback authorization, which is about 20% of Friday’s market cap. The buyback isn’t on a set schedule—it’s just authorized.
GameStop outperformed the main benchmarks. The Nasdaq Composite dropped 4.6% this week and the S&P 500 slid 2%. The Russell 2000 edged up 1%. GameStop gained 2.93% over five days, MarketWatch said, and is up 8.37% for the year.
