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GameStop: Progressing Great, But The Meme Volatility Will Remain Forever

GameStop has seen an 80% rally in the last 5 days after a tweet from investor Keith Gill, but the volatility makes it a risky investment.GME has made progress in cost-cutting and achieved GAAP profita

GameStop: Progressing Great, But The Meme Volatility Will Remain Forever

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I wanted to look at the company&#39;s performance throughout 2023 and see if it is closer to a turnaround. Aggressive cost-cutting efforts are paying off, and it managed to turn a profit, although not because of the company&#39;s actual operations, however, the company looks much more attractive now. I would like to see further aggressive cost-cutting measures, so eventually, the company can say it has achieved profitability through its operations.</p><p>Since my first article on the company, the operations have improved significantly, however, the volatility of the share price remains, which makes it hard to recommend making such an investment, but if you are willing to buy some lottery tickets, the current resurgence might offer you that opportunity. Just don&#39;t bet the mortgage on this one.</p><h2 id=\"id_2814266538\">Briefly on Performance</h2><p>We can see a clear trend down through the year. The management attributes the declines to a slowdown in sales of software, collectibles, and video game accessories. US, Canada, and Australia saw sales decrease by 16.25%, 15%, and 11.2%, respectively, while Europe saw a 14.1% increase for the year, which helped offset some of the losses.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/36250e3867f0468a0d37bce0d0a601da\" alt=\"Seeking Alpha\" title=\"Seeking Alpha\" tg-width=\"640\" tg-height=\"206\"/><span>Seeking Alpha</span></p><p>In terms of margins, we can see that the company&#39;s cost reduction initiatives are progressing rather well, and the company is very close to being GAAP profitable. The company has significantly cut SG&amp;A expenses, by around 21% for the year. These cuts were labor, consulting, and marketing-related costs and expenses. According to the company&#39;s 10-K, it has achieved GAAP profitability of 2 cents for the year, which is quite an improvement compared to a loss of $1.03 a share in FY22. The company&#39;s massive cash pile is invested in bonds and other short-term, low-risk investments, which helped the company earn 2 cents a share for the year.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/cb581ef827971e3050f19f0b35cbfde8\" alt=\"Seeking Alpha\" title=\"Seeking Alpha\" tg-width=\"640\" tg-height=\"206\"/><span>Seeking Alpha</span></p><p>Continuing with profitability and efficiency, we can see that the company&#39;s ROA and ROE are exhibiting the same upward trajectory as the company&#39;s margins above, due to the bottom line improving specifically. I think These are great improvements, considering how badly down these were at the beginning of the year.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/7c7c0e67712b3314b95d3da7723564ec\" alt=\"Seeking Alpha\" title=\"Seeking Alpha\" tg-width=\"640\" tg-height=\"202\"/><span>Seeking Alpha</span></p><p>Overall, it appears that the company&#39;s cost-cutting measures have been working quite well. GME has improved its operations considerably in just one year. Going from deep in the hole to just about profitable, with the help of its cash pile, which is generating decent interest income, at least in the last quarter of 2023.</p><h2 id=\"id_272172015\">Comments on Outlook</h2><p>I don&#39;t expect the company to slow down its efforts to reduce costs when they have such momentum on its side. Sure, it is great to be GAAP profitable; however, this profitability didn&#39;t come from its operations, but rather from interest income from its decent cash pile. GME&#39;s SG&amp;A expenses are still higher than its gross profit, and with a declining top line, it may continue to be unprofitable, unless it can stop top-line bleeding and continue to aggressively cut its expenses, as it did in FY23.</p><p>I expect further store closures going forward. The company still has a lot of presence in the US, while cutting down its store numbers massively over the years and recently exited Ireland, Switzerland, and Austria. The company only operates in France, Germany, and Italy when it comes to its European presence. There is a lot of room for cutting stores. In the last year, the company only closed 34 stores in the US, while it exited 210 internationally. If it is to tame its SG&amp;A expenses, it has to aggressively cut down its store numbers going forward. I&#39;m sure many stores are not even breaking even when it comes to day-to-day operations.</p><p>It seems that even with the release of the PS5 Slim back in November, the company&#39;s hardware sales underperformed compared to the same period last year. I will be interested to see how this segment performs in the upcoming Q1, which is going to be on June 5th.</p><p>I would like to see the aggressive cost initiatives continue for the next year and the year after that. If the company is to become efficient and profitable, it needs to cut the fat and get rid of the stores that are negatively impacting its performance.</p><p>The company&#39;s 1B dollar cash pile is waiting to be used for something productive. People&#39;s attention was caught by comments on one of its SEC filings where it said that &#34;Mr. Cohen, in his personal capacity or through affiliated investment vehicles, may at times invest in the same companies in which the Company invests.&#34; Could they have something in the works over the next year, or people are just trying to find something to latch on to and justify holding these bags? Certainly, the company&#39;s financial position is great, there is no way it is going bankrupt any time soon since it has virtually no debt on books.</p><h2 id=\"id_1662427560\">Meme Craze is back</h2><p>The prolific savior of GME that started the meme craze back in 2021, Roaring Kitty as he is known on X, and DFV on <a href=\"https://laohu8.com/S/RDDT\">Reddit</a> (RDDT), has posted a picture of a gamer leaning forward, which led to the bag holders of GME rally once again, and as of writing this update, the GME stock is up 65%, with massive fluctuations continuing. This singular tweet restarted the granddaddy of meme rallies. Over the past 5 days, the company&#39;s shares have skyrocketed over 80%, and the Reddit app was flooded with gamblers showing massive option returns even before today&#39;s (May 13th) rally. I expect to see a lot of winners with over 2000% gains on their now-in-the-money lottery tickets. Congratulations on your winnings are in order!</p><p>This type of stock behavior is what makes this company only good for these moments. I don&#39;t think anyone who is investing in GME is looking at the financials of the company. If a tweet from a person who &#34;likes the stock&#34; unleashes a buying frenzy of such magnitude, it is impossible to be objective in assessing the company&#39;s outlook, since anything can set it off.</p><h2 id=\"id_1281888894\">Should you buy the lottery ticket now?</h2><p>As the company itself is doing much better than it was just a year ago, there is a potential for the company to be a decent investment if the company we were talking about wasn&#39;t GameStop and not associated in any way with a meme. Right now, the company, even after over 3 years of meme shenanigans, is still prone to such volatility, so it is not an investment you should be getting involved in if you are looking for a stable long-term investment.</p><p>The company is and will probably always be a meme &#34;stonk&#34;. Good for a lottery play with the money you are not afraid to lose, but timing is everything. The company&#39;s shares are still down around 16% in the last year, as most of the year it saw gradual declines, with small bounces throughout, so it is hard to time such events, or nearly impossible. I would suggest, if you were afraid of missing out, get in on the company with shares instead of options. Sure, you won&#39;t see those 2000%+ gains, but at least your position won&#39;t expire worthless since shares don&#39;t have time value decay like options do, especially the ones really deep out of the money. Most of the traders of GME options bet on these options, which have the most time decay as it has no intrinsic value and end up expiring worthless most of the time.</p><h2 id=\"id_126370897\">Closing Comments</h2><p>I like the company&#39;s progress; therefore, I am comfortable with assigning the company a hold rating instead of a sell. The upgrade is mostly due to how I am viewing a hold rating. A hold rating means to me, don&#39;t buy if you are not already involved, and don&#39;t sell if you already have a position, and the reason you have the position here is for these types of events like today. I&#39;m sure there are people out there who have been bag-holding since the company was over 300 a share, so if you have been holding for this long, there is no point in selling now, just hope for another short squeeze so you can get out with less losses, break even, or if you continued to average down, even with profit.</p><p>Is the company ever going to be free of memes? I don&#39;t think so, but if the company continues to improve, I wouldn&#39;t be against opening a position and seeing how it goes. More positive news only means more fuel to the fire from the firm believers of the company. For now, I&#39;m not fully convinced the company is there yet, but I like where it&#39;s headed. I will be looking out for the company&#39;s next earnings release, but unfortunately, the company has stopped hosting calls, so I will have to dig through the info that is going to be released myself.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop: Progressing Great, But The Meme Volatility Will Remain Forever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop: Progressing Great, But The Meme Volatility Will Remain Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-14 23:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4692972-gamestop-gme-stock-progressing-great-meme-volatility-remain-forever><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GameStop has seen an 80% rally in the last 5 days after a tweet from investor Keith Gill, but the volatility makes it a risky investment.GME has made progress in cost-cutting and achieved GAAP ...</p>\n\n<a href=\"https://seekingalpha.com/article/4692972-gamestop-gme-stock-progressing-great-meme-volatility-remain-forever\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4547":"WSB热门概念","BK4585":"ETF&股票定投概念","BK4577":"网络游戏","BK4077":"互动媒体与服务","BK4588":"碎股","BK4076":"电脑与电子产品零售","GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4692972-gamestop-gme-stock-progressing-great-meme-volatility-remain-forever","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2435850566","content_text":"GameStop has seen an 80% rally in the last 5 days after a tweet from investor Keith Gill, but the volatility makes it a risky investment.GME has made progress in cost-cutting and achieved GAAP profitability, but its expenses still outweigh its gross profit.Further store closures and aggressive cost-cutting measures are needed for the company to become efficient and profitable.101cats/iStock via Getty ImagesIntroductionGameStop (NYSE:GME) has seen an 80% rally in the last 5 days, with a massive jump after a tweet from its prolific investor Keith Gill, or Roaring Kitty as he is known on the internet. I wanted to look at the company's performance throughout 2023 and see if it is closer to a turnaround. Aggressive cost-cutting efforts are paying off, and it managed to turn a profit, although not because of the company's actual operations, however, the company looks much more attractive now. I would like to see further aggressive cost-cutting measures, so eventually, the company can say it has achieved profitability through its operations.Since my first article on the company, the operations have improved significantly, however, the volatility of the share price remains, which makes it hard to recommend making such an investment, but if you are willing to buy some lottery tickets, the current resurgence might offer you that opportunity. Just don't bet the mortgage on this one.Briefly on PerformanceWe can see a clear trend down through the year. The management attributes the declines to a slowdown in sales of software, collectibles, and video game accessories. US, Canada, and Australia saw sales decrease by 16.25%, 15%, and 11.2%, respectively, while Europe saw a 14.1% increase for the year, which helped offset some of the losses.Seeking AlphaIn terms of margins, we can see that the company's cost reduction initiatives are progressing rather well, and the company is very close to being GAAP profitable. The company has significantly cut SG&A expenses, by around 21% for the year. These cuts were labor, consulting, and marketing-related costs and expenses. According to the company's 10-K, it has achieved GAAP profitability of 2 cents for the year, which is quite an improvement compared to a loss of $1.03 a share in FY22. The company's massive cash pile is invested in bonds and other short-term, low-risk investments, which helped the company earn 2 cents a share for the year.Seeking AlphaContinuing with profitability and efficiency, we can see that the company's ROA and ROE are exhibiting the same upward trajectory as the company's margins above, due to the bottom line improving specifically. I think These are great improvements, considering how badly down these were at the beginning of the year.Seeking AlphaOverall, it appears that the company's cost-cutting measures have been working quite well. GME has improved its operations considerably in just one year. Going from deep in the hole to just about profitable, with the help of its cash pile, which is generating decent interest income, at least in the last quarter of 2023.Comments on OutlookI don't expect the company to slow down its efforts to reduce costs when they have such momentum on its side. Sure, it is great to be GAAP profitable; however, this profitability didn't come from its operations, but rather from interest income from its decent cash pile. GME's SG&A expenses are still higher than its gross profit, and with a declining top line, it may continue to be unprofitable, unless it can stop top-line bleeding and continue to aggressively cut its expenses, as it did in FY23.I expect further store closures going forward. The company still has a lot of presence in the US, while cutting down its store numbers massively over the years and recently exited Ireland, Switzerland, and Austria. The company only operates in France, Germany, and Italy when it comes to its European presence. There is a lot of room for cutting stores. In the last year, the company only closed 34 stores in the US, while it exited 210 internationally. If it is to tame its SG&A expenses, it has to aggressively cut down its store numbers going forward. I'm sure many stores are not even breaking even when it comes to day-to-day operations.It seems that even with the release of the PS5 Slim back in November, the company's hardware sales underperformed compared to the same period last year. I will be interested to see how this segment performs in the upcoming Q1, which is going to be on June 5th.I would like to see the aggressive cost initiatives continue for the next year and the year after that. If the company is to become efficient and profitable, it needs to cut the fat and get rid of the stores that are negatively impacting its performance.The company's 1B dollar cash pile is waiting to be used for something productive. People's attention was caught by comments on one of its SEC filings where it said that \"Mr. Cohen, in his personal capacity or through affiliated investment vehicles, may at times invest in the same companies in which the Company invests.\" Could they have something in the works over the next year, or people are just trying to find something to latch on to and justify holding these bags? Certainly, the company's financial position is great, there is no way it is going bankrupt any time soon since it has virtually no debt on books.Meme Craze is backThe prolific savior of GME that started the meme craze back in 2021, Roaring Kitty as he is known on X, and DFV on Reddit (RDDT), has posted a picture of a gamer leaning forward, which led to the bag holders of GME rally once again, and as of writing this update, the GME stock is up 65%, with massive fluctuations continuing. This singular tweet restarted the granddaddy of meme rallies. Over the past 5 days, the company's shares have skyrocketed over 80%, and the Reddit app was flooded with gamblers showing massive option returns even before today's (May 13th) rally. I expect to see a lot of winners with over 2000% gains on their now-in-the-money lottery tickets. Congratulations on your winnings are in order!This type of stock behavior is what makes this company only good for these moments. I don't think anyone who is investing in GME is looking at the financials of the company. If a tweet from a person who \"likes the stock\" unleashes a buying frenzy of such magnitude, it is impossible to be objective in assessing the company's outlook, since anything can set it off.Should you buy the lottery ticket now?As the company itself is doing much better than it was just a year ago, there is a potential for the company to be a decent investment if the company we were talking about wasn't GameStop and not associated in any way with a meme. Right now, the company, even after over 3 years of meme shenanigans, is still prone to such volatility, so it is not an investment you should be getting involved in if you are looking for a stable long-term investment.The company is and will probably always be a meme \"stonk\". Good for a lottery play with the money you are not afraid to lose, but timing is everything. The company's shares are still down around 16% in the last year, as most of the year it saw gradual declines, with small bounces throughout, so it is hard to time such events, or nearly impossible. I would suggest, if you were afraid of missing out, get in on the company with shares instead of options. Sure, you won't see those 2000%+ gains, but at least your position won't expire worthless since shares don't have time value decay like options do, especially the ones really deep out of the money. Most of the traders of GME options bet on these options, which have the most time decay as it has no intrinsic value and end up expiring worthless most of the time.Closing CommentsI like the company's progress; therefore, I am comfortable with assigning the company a hold rating instead of a sell. The upgrade is mostly due to how I am viewing a hold rating. A hold rating means to me, don't buy if you are not already involved, and don't sell if you already have a position, and the reason you have the position here is for these types of events like today. I'm sure there are people out there who have been bag-holding since the company was over 300 a share, so if you have been holding for this long, there is no point in selling now, just hope for another short squeeze so you can get out with less losses, break even, or if you continued to average down, even with profit.Is the company ever going to be free of memes? I don't think so, but if the company continues to improve, I wouldn't be against opening a position and seeing how it goes. More positive news only means more fuel to the fire from the firm believers of the company. For now, I'm not fully convinced the company is there yet, but I like where it's headed. I will be looking out for the company's next earnings release, but unfortunately, the company has stopped hosting calls, so I will have to dig through the info that is going to be released myself.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}