WarenKong
2021-09-20
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GameStop: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于15%，预计不会再次出现挤压</blockquote>
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In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.</p><p><blockquote>可以肯定地说，游戏驿站(GME)的挤压已经结束，空头利息低于15%，投资者不应指望很快会看到另一次挤压发生。此外，由于游戏驿站继续努力提高业绩，而游戏行业却经历了两位数的增长，该零售商不太可能在可预见的未来创造额外的股东价值。考虑到这一点，我们坚持我们的观点，即最好避免游戏驿站，特别是因为它在当前水平上被严重高估。</blockquote></p><p> <b>Nothing To Look At</b></p><p><blockquote><b>没什么可看的</b></blockquote></p><p> GameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.</p><p><blockquote>现阶段，游戏驿站仍然是一家苦苦挣扎的视频游戏零售商。在视频游戏行业十年来最大的增长期间，其业务未能显着改善，而且不太可能很快改善。尽管散户交易员今年早些时候成功挤压了卖空者，但游戏驿站的股票近几个月未能获得任何牵引力。当我们说它的势头正在消退时，我们是对的，因为该股较我们6月底发表上一篇关于该公司的文章时下跌了近7%，而标普500同期上涨了5%以上。展望未来，我们仍然相信游戏驿站的股价在可预见的未来将进一步贬值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4696f8a9da1fed768fa7fb834d81999b\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> Just last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.</p><p><blockquote>就在上周，游戏驿站发布了第二季度财报。在此期间，该公司仅实现收入11.8亿美元，同比增长25.3%，仅超出预期6000万美元。问题是，25.3%的同比增长对于游戏驿站这样的公司来说是可怕的，因为去年同期该公司的许多商店因疫情而关闭，并且产生的收入很少。除此之外，该公司的非GAAP每股收益为-0.76美元，比预期低0.09美元，而净亏损为6160万美元。</blockquote></p><p> The biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.</p><p><blockquote>游戏驿站最大的缺点是它在视频游戏行业没有任何独特的定位。该公司充当中间商，对发行商或消费者没有明显优势，同时其以零售为中心的商业模式无法适应游戏可以轻松合法地在线下载的新现实。游戏驿站的另一个问题是，第二季度末，其大部分收入来自去年发布的游戏机等硬件的销售。一旦对新设备的需求随着时间的推移而减少，业务硬件方面的销售额也会下降。</blockquote></p><p> With Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.</p><p><blockquote>随着Ryan Cohen成为新任董事会主席，游戏驿站目前的目标是转向电子商务业务。然而，我们很难相信该公司有机会成为电子商务领域的视频游戏巨头。问题是游戏驿站在软件业务上没有任何定价权，因为微软（MSFT）、索尼（SNE）、育碧（OTCPK：UBSFY）、艺电（EA）等出版商已经领先于游戏驿站在线业务。他们中的大多数都有自己的第一方订阅服务，这使得游戏玩家直接使用这些服务并以大幅折扣玩游戏比从游戏驿站购买游戏更具吸引力。最重要的是，由于PlayStation Now和Xbox Cloud Gaming等服务的推出，云游戏逐年变得更加现实，这些服务让消费者无需首先拥有游戏即可玩游戏。随着该行业每年都在不断数字化，游戏驿站将继续失去市场份额，因为其零售店将继续消耗现金，而电子商务努力不太可能很快产生有意义的回报。</blockquote></p><p> Another downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.</p><p><blockquote>游戏驿站的另一个缺点是，管理层对游戏驿站将如何转型保持沉默，让投资者蒙在鼓里。在过去三次会议评级上，分析师没有提出任何问题，也没有发布任何指导意见。我们认为这是一个主要的危险信号，并认为这是游戏驿站投资缺乏吸引力的主要原因之一。</blockquote></p><p></p><p> The only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.</p><p><blockquote>该公司唯一的积极之处在于它的资产负债表没有过度杠杆化，因为其第二季度末的流动性为17.2亿美元，而长期债务仅为4750万美元。然而，除此之外，我们没有看到游戏驿站的任何其他优势，并认为其势头将继续消退。可以肯定地说，挤压已经结束，因为该股的空头利息不到15%，而且目前水平不存在增长催化剂。最重要的是，该公司的年收入不太可能很快恢复到大流行前的水平。目前，该业务预计今年的年收入将继续低于60亿美元，因为其以零售为中心的商业模式正在慢慢消亡，而视频游戏行业每年仍以两位数的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb72f458ec8ffd4315f63b7f456e4b13\" tg-width=\"875\" tg-height=\"375\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> In addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.</p><p><blockquote>此外，在游戏行业增长的过去三年中，游戏驿站的业务一直处于无利可图的状态，今年也很可能保持无利可图，因为该公司几乎所有的盈利指标都低于行业中位数，而大部分利润率都是负面的。</blockquote></p><p> Considering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.</p><p><blockquote>考虑到所有这些，我们发现很难证明以约150亿美元的市值购买游戏驿站股票是合理的，因为我们认为没有任何催化剂可以帮助该公司改善未来的业绩。此外，大多数华尔街分析师仍然看跌该股，因为游戏驿站股票目前的一致目标价为每股37.50美元，较当前市场价格下跌超过75%。因此，我们坚持认为势头正在消退，现阶段最好避免游戏驿站。</blockquote></p><p></p>","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: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于15%，预计不会再次出现挤压</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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: With Short Interest Of Less Than 15% Don't Expect Another Squeeze<blockquote>游戏驿站：空头利息低于15%，预计不会再次出现挤压</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-20 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>GameStop continues to be a struggling video gaming retailer with limited upside and no ability to create additional shareholder value anytime soon.</li> <li>With short interest of less than 15%, investors shouldn’t expect to see another squeeze happening in the following months.</li> <li>We stick to our opinion that it’s better to avoid GameStop, especially since its stock is extremely overvalued at the current price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee370c1ebf4419a57b44005fd9139eda\" tg-width=\"1536\" tg-height=\"1050\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>游戏驿站仍然是一家苦苦挣扎的视频游戏零售商，上涨空间有限，也没有能力在短期内创造额外的股东价值。</li><li>由于空头利息低于15%，投资者不应期望在接下来的几个月内看到另一次紧缩。</li><li>我们坚持我们的观点，最好避开游戏驿站，特别是因为其股票以目前的价格被严重高估。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> It’s safe to say that GameStop’s (GME) squeeze has run its course and with a short interest of less than 15%, investors shouldn’t expect to see another squeeze happening anytime soon. In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.</p><p><blockquote>可以肯定地说，游戏驿站(GME)的挤压已经结束，空头利息低于15%，投资者不应指望很快会看到另一次挤压发生。此外，由于游戏驿站继续努力提高业绩，而游戏行业却经历了两位数的增长，该零售商不太可能在可预见的未来创造额外的股东价值。考虑到这一点，我们坚持我们的观点，即最好避免游戏驿站，特别是因为它在当前水平上被严重高估。</blockquote></p><p> <b>Nothing To Look At</b></p><p><blockquote><b>没什么可看的</b></blockquote></p><p> GameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.</p><p><blockquote>现阶段，游戏驿站仍然是一家苦苦挣扎的视频游戏零售商。在视频游戏行业十年来最大的增长期间，其业务未能显着改善，而且不太可能很快改善。尽管散户交易员今年早些时候成功挤压了卖空者，但游戏驿站的股票近几个月未能获得任何牵引力。当我们说它的势头正在消退时，我们是对的，因为该股较我们6月底发表上一篇关于该公司的文章时下跌了近7%，而标普500同期上涨了5%以上。展望未来，我们仍然相信游戏驿站的股价在可预见的未来将进一步贬值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4696f8a9da1fed768fa7fb834d81999b\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> Just last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.</p><p><blockquote>就在上周，游戏驿站发布了第二季度财报。在此期间，该公司仅实现收入11.8亿美元，同比增长25.3%，仅超出预期6000万美元。问题是，25.3%的同比增长对于游戏驿站这样的公司来说是可怕的，因为去年同期该公司的许多商店因疫情而关闭，并且产生的收入很少。除此之外，该公司的非GAAP每股收益为-0.76美元，比预期低0.09美元，而净亏损为6160万美元。</blockquote></p><p> The biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.</p><p><blockquote>游戏驿站最大的缺点是它在视频游戏行业没有任何独特的定位。该公司充当中间商，对发行商或消费者没有明显优势，同时其以零售为中心的商业模式无法适应游戏可以轻松合法地在线下载的新现实。游戏驿站的另一个问题是，第二季度末，其大部分收入来自去年发布的游戏机等硬件的销售。一旦对新设备的需求随着时间的推移而减少，业务硬件方面的销售额也会下降。</blockquote></p><p> With Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.</p><p><blockquote>随着Ryan Cohen成为新任董事会主席，游戏驿站目前的目标是转向电子商务业务。然而，我们很难相信该公司有机会成为电子商务领域的视频游戏巨头。问题是游戏驿站在软件业务上没有任何定价权，因为微软（MSFT）、索尼（SNE）、育碧（OTCPK：UBSFY）、艺电（EA）等出版商已经领先于游戏驿站在线业务。他们中的大多数都有自己的第一方订阅服务，这使得游戏玩家直接使用这些服务并以大幅折扣玩游戏比从游戏驿站购买游戏更具吸引力。最重要的是，由于PlayStation Now和Xbox Cloud Gaming等服务的推出，云游戏逐年变得更加现实，这些服务让消费者无需首先拥有游戏即可玩游戏。随着该行业每年都在不断数字化，游戏驿站将继续失去市场份额，因为其零售店将继续消耗现金，而电子商务努力不太可能很快产生有意义的回报。</blockquote></p><p> Another downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.</p><p><blockquote>游戏驿站的另一个缺点是，管理层对游戏驿站将如何转型保持沉默，让投资者蒙在鼓里。在过去三次会议评级上，分析师没有提出任何问题，也没有发布任何指导意见。我们认为这是一个主要的危险信号，并认为这是游戏驿站投资缺乏吸引力的主要原因之一。</blockquote></p><p></p><p> The only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.</p><p><blockquote>该公司唯一的积极之处在于它的资产负债表没有过度杠杆化，因为其第二季度末的流动性为17.2亿美元，而长期债务仅为4750万美元。然而，除此之外，我们没有看到游戏驿站的任何其他优势，并认为其势头将继续消退。可以肯定地说，挤压已经结束，因为该股的空头利息不到15%，而且目前水平不存在增长催化剂。最重要的是，该公司的年收入不太可能很快恢复到大流行前的水平。目前，该业务预计今年的年收入将继续低于60亿美元，因为其以零售为中心的商业模式正在慢慢消亡，而视频游戏行业每年仍以两位数的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb72f458ec8ffd4315f63b7f456e4b13\" tg-width=\"875\" tg-height=\"375\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> In addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.</p><p><blockquote>此外，在游戏行业增长的过去三年中，游戏驿站的业务一直处于无利可图的状态，今年也很可能保持无利可图，因为该公司几乎所有的盈利指标都低于行业中位数，而大部分利润率都是负面的。</blockquote></p><p> Considering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.</p><p><blockquote>考虑到所有这些，我们发现很难证明以约150亿美元的市值购买游戏驿站股票是合理的，因为我们认为没有任何催化剂可以帮助该公司改善未来的业绩。此外，大多数华尔街分析师仍然看跌该股，因为游戏驿站股票目前的一致目标价为每股37.50美元，较当前市场价格下跌超过75%。因此，我们坚持认为势头正在消退，现阶段最好避免游戏驿站。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455492-gamestop-with-short-interest-of-less-than-15-percent-dont-expect-another-squeeze\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4455492-gamestop-with-short-interest-of-less-than-15-percent-dont-expect-another-squeeze","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147063668","content_text":"Summary\n\nGameStop continues to be a struggling video gaming retailer with limited upside and no ability to create additional shareholder value anytime soon.\nWith short interest of less than 15%, investors shouldn’t expect to see another squeeze happening in the following months.\nWe stick to our opinion that it’s better to avoid GameStop, especially since its stock is extremely overvalued at the current price.\n\nJustin Sullivan/Getty Images News\nIt’s safe to say that GameStop’s (GME) squeeze has run its course and with a short interest of less than 15%, investors shouldn’t expect to see another squeeze happening anytime soon. In addition, as GameStop continues to struggle to improve its performance, while the gaming industry experiences double-digit growth, it’s unlikely that the retailer will be able to create additional shareholder value in the foreseeable future. Considering this, we stick to our opinion that it’s better to avoid GameStop, especially since it’s extremely overvalued at the current levels.\nNothing To Look At\nGameStop continues to be a struggling video gaming retailer at this stage. Its business failed to significantly improve during the greatest growth of the video gaming industry in a decade, and it’s unlikely going to improve anytime soon. While retail traders managed to squeeze short-sellers earlier this year, GameStop’s stock failed to gain any traction in recent months. We were right when we said that its momentum is fading away, as the stock is down nearly 7% from when our last article on the company was published in late June, while the S&P 500 is up over 5% for the same period. Going forward, we continue to believe that GameStop’s shares will depreciate even more in the foreseeable future.\nChart: Seeking Alpha\nJust last week GameStop released its Q2 earnings results. During the period, the company managed to generate only $1.18 billion in revenues, up 25.3% Y/Y, barely beating the estimates by $60 million. The problem is that a 25.3% Y/Y growth is terrible for a company such as GameStop since lots of its stores were shut down during the same period last year due to the pandemic and a minimal amount of revenue was generated. On top of that, the company’s non-GAAP EPS was -$0.76, below the estimates by $0.09, while its net loss stood at $61.6 million.\nThe biggest downside of GameStop is that it doesn’t have any unique positioning in the video gaming industry. The company acts as a middleman with no clear advantages to publishers or consumers, while at the same time its retail-focused business model is unable to adapt to the new reality where games can be easily and legally downloaded online. Another problem of GameStop is that at the end of Q2 most of its revenues come from the sale of hardware such as consoles, which were released last year. Once the demand for new devices decreases over time, the sales of the hardware side of the business will decline as well.\nWith Ryan Cohen as the new chairman of the board, the goal of GameStop right now is to pivot to the eCommerce business. However, we find it hard to believe that the company has a decent shot of becoming a video gaming behemoth in the eCommerce field. The problem is that GameStop doesn’t have any pricing power in the software business, as publishers such as Microsoft (MSFT), Sony (SNE), Ubisoft (OTCPK:UBSFY), Electronic Arts (EA), and others are already ahead of GameStop in online presence. Most of them have their own first-party subscription services that make it more attractive for gamers to use the services directly and play games at a significant discount rather than buy games from GameStop. On top of that, cloud gaming becomes more of a reality with each passing year thanks to the introduction of services such as PlayStation Now and Xbox Cloud Gaming, which let consumers play games without owning them in the first place. As the industry continues to digitize more and more every year, GameStop will continue to lose market share, as its retail stores will continue to drain the cash, while eCommerce efforts are unlikely going to generate meaningful returns anytime soon.\nAnother downside of GameStop is that the management has been quiet about how GameStop will transform itself, leaving investors in the dark. No questions from analysts were taken during the last three conference calls and no guidance was issued as well. We consider this to be a major red flag and believe this to be one of the main reasons why GameStop is an unattractive investment.\nThe only positive thing about the company is that it doesn’t have an overleveraged balance sheet, as its liquidity at the end of Q2 stood at $1.72 billion, while long-term debt was only $47.5 million. However, other than that, we don’t see any other upside of GameStop and believe that its momentum will continue to fade. It’s already safe to say that the squeeze has run its course, as the stock has a short interest of less than 15%, and there are no catalysts for growth at the current levels. On top of that, the company’s annual revenue is unlikely to return to pre-pandemic levels anytime soon. Currently, the business is expected to continue to generate less than $6 billion in annual revenues this year, as its retail-focused business model is slowly dying, while the video gaming industry continues to grow at a double-digit rate every year.\nSource: Seeking Alpha\nIn addition, GameStop’s business has been unprofitable in the last three years when the gaming industry was growing, and it’s likely going to remain unprofitable this year, as nearly all of the company’s profitability metrics are below the sector median, while most of its margins are negative.\nConsidering all of this, we find it hard to justify buying GameStop’s stock at a ~$15 billion market cap, as we see no catalysts that could’ve helped the business to improve its performance in the future. Also, most of the street analysts remain bearish on the stock, as the current consensus price target for GameStop’s shares is $37.50 per share, which represents more than 75% downside from the current market price. For that reason, we stick to our opinion that the momentum is fading away and it’s better to avoid GameStop at this stage.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":453,"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":12,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/860931780"}
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