on Monday
GameStop Corp. (GME) opened with a 5.8% swing higher as speculation builds over what Ryan Cohen’s M&A master plan might be. Volume on GameStop (GME) is already over 2.2M shares during the morning session, putting it on pace for an above-average volume day.
Earlier in the morning, Fox Business reporter Charles Payne said an interview with Cohen was cancelled. “Ryan is working on something monumental, and he would not be able to say much,” updated Payne on the reason for the cancellation.
Notably, Ryan Cohen has a nonqualified stock option grant on 171,537,327 shares of Class A GameStop (GME) with a strike price of $20.66 per share if an aggressive list of market cap and EBITDA targets are hit. Cohen’s compensation package is similar in some respects to Elon Musk’s at Tesla (TSLA), while Michael Burry thinks Cohen has a Buffett-style playbook working in his favor.
Over the weekend, Seeking Alpha subscribers speculated on which consumer companies could be the M&A target for GameStop (GME). The crowdsourced list included Five Below (FIVE), Western Union (WU), Gravity Co. (GRVY), Nintendo (NTDOY), Target (TGT), Best Buy (BBY), and Build-A-Bear (BBW).
Short interest on GME stands at 14.7% of the total float.