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Although we are only over one quarter into 2021, it will be interesting to see if any other story tops the GameStop (GME) short squeeze mania this year. The struggling video game retailer has provided no end of headlines in 2021 after retailers re-wrote the stock market rulebook. That said, the mighty gains – up by 721% year-to-date even after pulling back by 55% from the January madness highs – have caused a huge chasm between fundamentals and valuation. Accordingly, Ascendiant’s Edward Woo believes that over the long run GameStop’s “current elevated share prices will come back down to match its current weak results and outlook.” That said, Woo expects the company to benefit from new video game consoles sales from Sony and Microsoft. The new PlayStation and Xbox consoles, respectively, were launched in November and so far, sales have been “very strong.” As it is still the early phase of the new console launches, Woo says GameStop

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