What Options Data Says Could Come Next for GME Stock After GameStop Reports Earnings Tonight

GameStop (GME) shares are in focus today as the retailer prepares to release its Q4 earnings and full-year 2025 financials later today after the bell. 

Expectations are for the gaming merchandise retailer to grow its revenue by 15% year-on-year to $1.47 billion on $0.37 a share of earnings, up significantly from $0.30 per share a year ago. 

Versus its year-to-date high, GME stock is currently down about 12%, but options traders seem to believe it will rip higher following the quarterly release on March 24.

Where Options Data Suggests GameStop Stock Is Headed

According to Barchart, options traders remain optimistic about what lies ahead for GME shares. 

The put-to-call ratio on contracts expiring at the end of this week sits at 0.35x currently, indicating a significant bullish skew, reflecting hopes of a “beat and raise.”

Meanwhile, the upper price on those contracts is set at about $24.46, signaling potential upside of more than 6% over the next three days. 

This optimism is bolstered by the technical setup. GameStop is currently trading just below its 50-day moving average (MA). A decisive break above $23.53 following Q4 earnings could accelerate upward momentum in the near term. 

Why GME Shares Still Aren’t Worth Owning in 2026

Despite bullish chatter in the options pits, the fundamental case for owning GameStop shares this year remains shaky at best. 

The NYSE-listed firm continues to battle a “digital cliff” as the gaming industry shifts toward direct downloads, bypassing physical retail entirely. 

Recent data shows hardware and accessories sales plummeted over 31% year-over-year, and while the collectibles segment is seeing momentum, it isn’t yet sufficient to offset the core business decay.

GME is currently trading at a significant premium to its net cash as valuation remains propped up by the “Cohen Premium.”

Without a concrete plan to deploy the roughly $8.8 billion in cash and marketable securities it currently has on the balance sheet into high-margin revenue streams, this meme stock risks a slow bleed as the year unfolds. 

GameStop Doesn’t Currently Receive Wall Street Coverage

Perhaps the most glaring red flag for institutional investors is the total lack of coverage from major Wall Street firms, indicating analysts remain unimpressed with GME’s recent Bitcoin (BTCUSD) pivot. 

This lack of professional oversight often leads to extreme volatility and information asymmetry, where retail sentiment — instead of verified financial health — drives the stock price.