GameStop (GME) Is Up 13.5% After Collectibles Surge And Cohen Share Buy – Has The Bull Case Changed?
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GameStop reported past second-quarter 2026 results with sales of US$790.2 million and net income of US$298.7 million, alongside record Q2 operating income and sharply higher adjusted operating earnings.
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The company’s collectibles business has rapidly grown to represent almost half of net sales, while CEO Ryan Cohen recently bought 1,000,000 shares on the open market using personal funds.
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We will look at how the collectibles surge and Cohen’s large share purchase shape GameStop’s investment narrative over the coming months.
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What Is GameStop’s Investment Narrative?
To own GameStop today, you have to believe the company can turn its higher profitability and expanding collectibles segment into something durable, even as overall sales drift lower. The latest quarter reinforces that tension: Q2 delivered record operating income, a more than twofold jump in adjusted EBITDA and a 57% collectibles surge to 45.1% of net sales, yet revenue still fell year on year. Ryan Cohen’s 1,000,000‑share purchase and the decision to pause buybacks under the new program tilt near term catalysts toward management credibility, balance sheet optionality and how effectively GameStop monetizes its investment holdings, including its eBay stake. The key risks remain execution in collectibles, reliance on non‑core investment gains and a share price that has lagged both the market and peers over the past year.
But there is a bigger risk tied to how those investment gains were achieved.
GameStop’s shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.
Exploring Other Perspectives
Five Simply Wall St Community fair value views span roughly US$30 to over US$400 per share, underscoring just how far opinions can stretch. Set against that, the recent earnings mix and dependence on collectibles growth and investment income give you plenty of reasons to weigh both upside narratives and the possibility that current profitability is harder to repeat than it first appears.
Explore 5 other fair value estimates on GameStop – why the stock might be worth just $30.00!
The Verdict Is Yours
Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.
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A great starting point for your GameStop research is our analysis highlighting 2 key rewards that could impact your investment decision.
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Our free GameStop research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate GameStop’s overall financial health at a glance.
