Move is latest in a series of changes since Chewy co-founder Ryan Cohen joined board
Shares were already up before the announcement, buoyed by the company's steps towards making major changes led by activist investor Ryan Cohen.
George Sherman will step down as GameStop CEO on or before July 31, the retailer said. He's the latest in a long line of execs to leave.
"I think it's going to get a second kick at life," O'Leary said about the video-games retailer, which boasts a passionate online following.
GameStop's $16 price target from CFRA Research represents 91% downside potential from its current price of $177.
Move comes as GameStop tries to cash in on its persistent stock surge.
Cohen, who co-founded online pet supply store Chewy and is a major GameStop investor, has been leading efforts to turn the chain around.
"The market price of our common stock has been extremely volatile and may continue to be volatile due to numerous circumstances beyond our control," GameStop said.
Keith Gill uploaded a screenshot showing he had $19 million in GameStop shares, $8.9 million in bullish call options, and $11.9 million in cash.
GameStop is reshaping its executive suite around former Amazon employees as activist investor Ryan Cohen oversees a company-wide "transformation."
Months after a short squeeze sent shares soaring more than 1,600%, GameStop's stock remains extremely volatile, the company told investors.
From the executive suite to the board, Chewy cofounder Ryan Cohen is clearing house at the embattled video game retailer.
GameStop received a $175 price target from Jefferies analyst Stephanie Wissink on Wednesday, fanning the flames on Reddit's r/wallstreetbets forum.
Valuation has dipped a bit but is still up roughly 900% in 3 months.
With GameStop's stock price still near $200, the company is considering selling new units to help fund the ongoing "transformation" led by Ryan Cohen.
GameStop has also brought pet supply company Chewy's former vice president of e-commerce onto the team.
Reddit day traders' crusade sent Gamestop's stock on a wild ride last quarter, but the company refused to take questions on the call.
GameStop execs are finally going to break their silence about the stock explosion on Tuesday afternoon. Here's what to expect.
GameStop shares are likely to see just a limited bump up in activity and price from the stimulus checks being sent to Americans, says Bank of America.
GameStop fell as much as 20% on Tuesday before mounting a recovery, but that hasn't stopped "diamond hands" Reddit traders from holding the stock.