GameStop $GME ( ▲ 0.33% ) shares are having a strong start to the week, up more than 4% Monday, as a familiar name re-enters the chat. Hedge fund manager turned Substacker Michael Burry teased a post on the retailer over the weekend before later saying it would be delayed due to having too much information to sort through. A classic rite of passage for anyone new to publishing on the internet.
The stock is now on pace for its biggest one-day gain since October, surpassing its 4.2% jump on November 28. That move followed a series of Burry tweets reflecting on his time as a GameStop bull ahead of the stock’s original meme-fueled ascent. The rally comes despite GameStop sinking after earnings last week, even though it delivered its sixth straight quarter of positive operating cash flow. Revenue, however, fell about 5% year over year.
Options Are Doing the Talking
Bullish positioning showed up clearly in the options market. As of 11:46 a.m. ET, GameStop’s put call ratio sat near 0.12, roughly half its six-month average. That kind of skew suggests traders are heavily leaning toward upside exposure, even as the company’s fundamentals remain a mixed bag.
Burry’s reappearance could help restore some of the “main character energy” that’s been missing since Keith Gill, better known as Roaring Kitty, reignited meme stock mania during the second quarter of 2024.
Not Your Typical Catalyst
Also drawing attention is a very different kind of hire. GameStop recently brought on the artist formerly known as “Best Buy Rilie,” a goth TikTok creator whose two recent X videos tied to the company have racked up nearly 50 million views since December 10. Call it marketing, call it internet alchemy, but it’s clearly getting eyeballs.
Hey, if Sydney Sweeney can move American Eagle, stranger things have happened.