$GameStop(GME)$ GME is certainly in better shape now with all of its cash. It is worth maybe between $10 to $12 a share right now. If one expects it can do something of value with that cash (beyond getting 5% or so in T-Bills) then GME deserves a premium. If nothing is done with that cash, then the negative cash flow will use up the money from interest and may eventually eat into the principal, making GME worth a little less each and every year.
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Fundamentally, GameStop is improving on its vitals by reducing organizational bloat and improving its processes and technologies. Cohen's forte is in operations and his acumen can significantly benefit GameStop as both chewy and GS operate on a similar business model of D2C, and logistics and fulfilment take up a sizeable chunk of the asset pie.
We are already seeing improved efficiency and reduction in operational costs. His march recruitment notice brings in engineering stalwarts to further develop cloud, java and web based solutions and quote unquote, he will be personally working closely with them.
Give GameStop a few years and we could be seeing a new gaming platform to rival Steam or exceed it in terms of its service offerings.
Though that said, in the short term nobody knows what is going to happen. I'm bullish overall for both short and long.