GameStop Stock Today, November 28, 2025: GME Surges in Premarket as Traders Gear Up for Q3 Earnings

Updated: November 28, 2025 – Black Friday

GameStop stock (NYSE: GME) is back in the spotlight this Black Friday, with the meme-era favourite climbing sharply in premarket trading as investors position themselves ahead of a closely watched third-quarter earnings report in early December and a headline-grabbing in‑store promotion. ^[1]

Below is a detailed look at GameStop’s share price today, the fresh news flow on November 28, 2025, and what it all might mean for traders and longer‑term investors watching GME.

GameStop (GME) price today: premarket pop after a strong week

GameStop ended the last trading session before the Thanksgiving holiday (Wednesday, November 26) at $21.63, up 2.71% on the day. ^[2]

Early this morning (Black Friday, November 28), coverage from premarket desks reported GME trading around $22.50 at 5:08 a.m. ET, roughly 3.9–4.0% above Wednesday’s close. ^[3]

Financial media also noted that:

GME is up about 7–7.5% over the past week, despite still being down roughly 31% year‑to‑date, keeping its “comeback or value trap?” narrative very much alive. ^[4]
GameStop appeared among top premarket movers and trending tickers, with Barron’s listing it alongside Alphabet, Amazon and others as one of the most active stocks this morning, and Yahoo Finance data (via AOL’s “Trending tickers” segment) calling it the top trending U.S. stock in early trade. ^[5]

From a valuation standpoint, recent market data still paints GameStop as a mid‑cap specialty retailer with meme‑stock DNA: it carries a market cap around $9.7 billion, a trailing P/E near 29–30x, price‑to‑sales around 2.5x, and price‑to‑book around 1.9x. ^[6]

Why GameStop is moving today: Q3 earnings and options frenzy

The biggest near‑term catalyst for GameStop stock is its upcoming Q3 2025 earnings report, expected in early December. Most analyst and options commentary is working off a December 2, 2025 earnings date, even though some data providers still show a model‑based estimate of December 9. ^[7]

Regardless of the exact calendar quirk, the market agrees on the expectations:

Consensus EPS: about $0.20 per share vs $0.06 in the same quarter last year. ^[8]
Consensus revenue: roughly $987 million, implying around 15% year‑on‑year growth. ^[9]

That improving earnings profile, combined with GameStop’s unusual balance sheet (huge cash pile and bitcoin holdings), is feeding a surge in derivatives activity:

Recent sessions saw around 78,000 options contracts changing hands in a single day, with call options heavily outnumbering puts. ^[10]
The put/call ratio collapsed to ~0.18, well below typical readings near 0.22, signalling a strong bullish skew among options traders. ^[11]
Implied volatility has climbed to roughly 60–61%, with options pricing in about a ±9.2% move (≈$2) around the earnings event, according to options‑based expected‑move models. ^[12]

In short: today’s premarket jump is not happening in a vacuum. It sits on top of a week of steadily rising prices, escalating options activity, and a market that expects a big swing when GameStop finally reports Q3 numbers.

Fundamentals: Q2 2025 earnings, cash hoard and the Bitcoin bet

The renewed interest in GameStop stock this month traces back to strong Q2 2025 results and an increasingly unconventional capital structure.

According to the company’s official filing for the quarter ended August 2, 2025, GameStop reported: ^[13]

Net sales of $972.2 million, up from $798.3 million a year earlier (about 22% growth).
Operating income of $66.4 million, versus a $22.0 million operating loss in the prior‑year quarter.
Net income of $168.6 million, up sharply from $14.8 million a year ago.
Cash, cash equivalents and marketable securities of $8.7 billion, more than double the $4.2 billion held a year earlier.
Bitcoin holdings valued at $528.6 million at quarter‑end.

The combination of positive operating income, triple‑digit net‑income growth, and a massive cash cushion is the backbone of the bullish fundamental argument. Several analytical pieces published today highlight GameStop’s cash and crypto reserves as both a safety net and a source of optionality for future strategy (share buybacks, acquisitions, or further digital initiatives). ^[14]

Earlier this year, GameStop’s board also approved using bitcoin as a treasury reserve asset, a move that drew comparisons to bitcoin‑heavy corporate strategies at other companies and tied GME’s story more tightly to crypto market cycles. ^[15]

At the same time, the company has been restructuring its brick‑and‑mortar footprint, including the divestiture of its Canadian operations and a plan to sell or wind down certain European assets, as part of a broader shift toward a leaner, digitally focused retail model. ^[16]

Short interest: meme‑stock pressure is lower, but far from gone

While the original 2021 meme squeeze fireworks have faded, short interest in GameStop remains elevated by normal market standards.

Fresh November data show: ^[17]

Short interest of about 69.1 million shares as of November 14, 2025.
That represents roughly 16.9% of the public float, comfortably above the 10% level often viewed as “high” short interest.
A short‑interest ratio (days to cover) of 13.1, based on average daily volume of ~10.1 million shares.
Recent FINRA short‑volume data show 40–66% of daily volume coming from short sales over the past two weeks, underscoring active bearish and hedging activity in the name.

Borrow costs, however, are relatively modest compared with the peak meme era. Recent Fintel data show stock‑loan (borrow) fees hovering around 0.3–0.5%, far below the double‑digit prints seen during prior speculative spikes. ^[18]

Taken together, this suggests room for volatility and potential mini‑squeezes, but not the kind of structurally stressed short base that defined the original GameStop mania. Price swings today are being driven at least as much by earnings expectations and options positioning as by raw short‑covering pressure.

GameStop’s “Trade Anything Day”: unconventional marketing ahead of earnings

One of the quirkiest storylines around GameStop this week is a national promotion the company is calling “Trade Anything Day”, set for Saturday, December 6, 2025.

According to company communications and local press coverage: ^[19]

Customers can bring almost any physical item that isn’t part of GameStop’s normal trade‑in categories (so not typical games or consoles) and receive $5 in store credit per eligible item.
The item must fit within a 20″ x 20″ x 20″ box, and each customer can trade one item per store.
There is a serious exclusions list (no hazardous materials, weapons, live animals, lithium‑ion batteries, etc.) as well as a tongue‑in‑cheek “humorous exclusions” list featuring everything from taxidermy‑adjacent weirdness to cursed items and your cousin’s mixtape.
Staff can refuse items at their discretion, and filming in stores requires employee consent.

Coverage from regional outlets and national TV affiliates frames Trade Anything Day as both a traffic‑driver and a brand‑building stunt—an event designed to generate social‑media content and remind people that GameStop’s stores still exist as physical gathering places, even as digital sales grow. ^[20]

For investors, the promotion won’t move the earnings needle by itself, but it fits into a broader pattern: management appears willing to lean into the company’s pop‑culture status to pull attention back to its stores just days before Q3 results.

How today’s coverage is framing GameStop

Several pieces published on November 28, 2025 give a good snapshot of how the financial media is thinking about GME right now:

Premarket movers & macro context – Barron’s put GameStop on its list of top stock movers this morning, highlighting a roughly 3.9% premarket gain alongside moves in Alphabet, Amazon and bitcoin‑exposed names as traders return from the holiday. ^[21]
Options‑driven setup – A joint Investing.com / Tokenist analysis emphasises the surge in options volume, the bullish call‑heavy skew, and the implied ±9% earnings move, while cautioning that GameStop still trades at a premium P/E multiple vs. its retail peers despite a three‑year revenue decline. ^[22]
Turnaround but “mixed signals” – A Meyka “Top Stocks Today” feature notes that GameStop has swung back to profitability and improved its digital presence, but argues that the durability of the turnaround remains uncertain, framing GME as a high‑risk, high‑reward name. ^[23]
Digital strategy angle – A longer form piece at Kalkine Media focuses on GameStop’s hybrid retail–e‑commerce model, its global footprint and digital content distribution, situating the stock as a specialty retailer trying to integrate physical and digital channels more tightly. ^[24]

There is no clear consensus narrative emerging today. Instead, coverage splits roughly into three camps:

Momentum & options traders who see GME as a short‑term earnings swing trade.
Fundamental optimists who believe the cash hoard, bitcoin exposure and cost cuts can support a long‑term re‑rating.
Skeptics who focus on slowing multi‑year revenue trends, elevated valuation metrics and the risk that the cash pile is not deployed productively.

What analysts and models are saying

Traditional and AI‑driven analyst tools remain cautious overall:

A TipRanks preview piece ahead of Q3 notes the same $0.20 EPS / $987 million revenue consensus, but highlights that its in‑house AI analyst recently cut its GME price target from $26 to $21.50 and maintained a Hold stance, citing valuation concerns despite improving profitability and cash flow. ^[25]
Quant‑style earnings and valuation analyses published today point out that GameStop’s P/E (~26–30x) sits well above the U.S. specialty retail average (~18x) and peers near 19–20x, even as three‑year revenue is still down more than 20%. ^[26]
On the flip side, some discounted‑cash‑flow (DCF) based models suggest potential upside if the company can sustain margins and modest growth, with one AI‑driven research note citing an intrinsic value estimate significantly above the current low‑$20s share price—though those models depend heavily on assumptions about how GameStop will use its $8.7 billion cash pile and sizeable bitcoin holdings. ^[27]

In other words, the bull case is increasingly numerical (profits, cash, optionality), but the bear case is, too (revenue trend, premium multiples, execution risk).

Key risks and catalysts to watch after today

Here are the main issues investors are watching as GameStop powers through today’s premarket move and into December:

Q3 2025 earnings and guidance
- Will EPS and revenue land in line with or above the $0.20 / $987m consensus?
- Does management offer clearer guidance on store footprint, digital focus, and long‑term growth? ^[28]
Use of cash and bitcoin
- With $8.7 billion in cash and more than half a billion dollars in bitcoin, investors want specifics: buybacks, dividends, M&A, or new strategic ventures? ^[29]
Holiday quarter performance
- The combination of Black Friday / Cyber Monday traffic, Trade Anything Day, and the broader holiday season will heavily influence Q4 and full‑year expectations for this very seasonal retailer. ^[30]
Short‑interest dynamics and volatility
- With high‑teens short float and significant options open interest, post‑earnings moves could be amplified in either direction, even if borrow fees are relatively low. ^[31]
Regulatory and crypto‑market noise
- GameStop’s decision to embrace bitcoin as a treasury asset links its story partly to crypto regulation and BTC price swings, adding another layer of macro sensitivity beyond just video game retail trends. ^[32]

Is GameStop stock a buy, sell or hold after today’s move?

From a news and data standpoint, here’s the distilled picture as of November 28, 2025:

Positives

Strong Q2 2025 results with meaningful profitability and margin improvement. ^[33]
A huge cash reserve and bitcoin holdings that give the company uncommon financial flexibility. ^[34]
Rising options interest and bullish pre‑earnings positioning, which can provide powerful short‑term price support. ^[35]
Ongoing experiments in marketing and brand engagement, like Trade Anything Day, that keep GameStop at the centre of internet and retail culture. ^[36]

Concerns

Multi‑year revenue decline (~22% over three years) despite the recent quarterly rebound. ^[37]
A valuation premium to traditional specialty retail peers, leaving less room for error if growth stalls. ^[38]
Elevated but not extreme short interest and options‑driven volatility, which can make the stock unpredictable even for experienced traders. ^[39]

Because of this mix, GameStop remains a high‑risk, high‑volatility stock where outcomes are likely to hinge on a few key management decisions and upcoming earnings prints, rather than slow and steady fundamentals.

This article is informational only and does not constitute investment advice. Anyone considering trading or investing in GME should carefully review GameStop’s official filings, understand their own risk tolerance, and, where appropriate, consult a qualified financial adviser.

GAMESTOP GME IS ON THE MOVE HIGHER AS EARNINGS ARE ABOUT TO BE RELEASED