GameStop earnings coming. No one knows what to expect.

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After two months of wild trading,

GameStop

will report the results for its January quarter on Tuesday. What this means for the stock, anyone can guess.

In a comment Thursday, Wedbush analyst Michael Pachter wrote that GameStop is “well positioned to be a primary beneficiary of the new console launches.” But he thinks the stock is trading at levels that are not tied to fundamental factors. Although Pachter rated the stock on Neutral, it had a price target of $ 16. GameStop’s stock rose 4.6% to $ 211 on Friday.

By now, many Americans know why. GameStop stock was widely panned by Wall Street analysts, and the stock dropped around the price of a Happy Meal a year ago. It incurred an obscene short interest rate, meaning hedge funds were in line to bet on a price drop. But as short sellers advance themselves, positive news can skyrocket stocks while quickly buying stocks to end their commitment in the face of an unlimited downside.

In the second half of last year, Ryan Cohen, co-founder of Chewy, entered the mix. He reveals an interest and later asks for major changes. He increased his stake in December and joined the board in January with two associates.

Given the short interest in the stock and the possibility that GameStop could find a second life as a game-oriented e-commerce player, retailers are piling up GameStop shares on Reddit’s WallStreetBets forum. GameStop shares saw an increase in technical aspects of options, the above short-term interest and the newfound enthusiasm in January.

WallStreetBets made the front page of national newspapers, and the clumsy hedge funds burned down. It also started a debate on short selling, as well as a debate on retailers’ access to financial markets after Robinhood and other brokers temporarily restricted the purchase of the shares due to financial requirements of their clearing houses.

GameStop shares fell about $ 40, but rose again in the past month. Although GameStop has announced a hunt for a new chief financial officer, a number of promising rental staff on e-commerce, and a board committee chaired by Cohen to lead its transformation into a technology company, it has yet to receive an update on the sale or its prospects did not give its release of holiday sales on January 11, which indicated a disappointing December.

For the full fiscal fourth quarter, Pachter, the analyst at Wedbush, expects sales of $ 2.3 billion, comparable sales of 4.8% year-on-year and adjusted earnings of $ 1.38 per share. He notes that GameStop’s holiday sales report indicated that sales of the same stores were lower year-on-year in December, lagging behind positive NPD operating data. He notes that the company has recently lost market share to competitors amid a shift to internet spending.

Curtis Nagle, an analyst at BofA Global Research, wrote in a Friday note that he expects an overwhelming quarter, albeit profitable. He wrote that while the recent announcements about Cohen and new appointments are positive, in theory there have not yet been actual details about the cost, timeline and impact on the earnings of a turnaround plan. He has a $ 10 price target with an underperformance rating, pointing out that the current valuation and historical multiple of the stock would mean earnings before interest, tax, depreciation and amortization of $ 3.5 billion, about four times the highest Ebitda peak in 2015.

Nagle’s note includes an analysis of the impact of $ 1400 direct payments on the stock, with the idea that retail investors will use their latest windfall on GameStop shares. His takeaway is that the ‘voices’, as he calls them, will not have an effect on GameStop.

Of course, what analysts said about GameStop shares has not had much of an impact on the recent moves. A positive update of the recovery plan could put the remaining bears in the short term. On the other hand, any comments on potential stock sales could be negative. Pachter expected short sellers to abandon their commitment, and the stock would return to more fundamental levels. That did not happen, he notes.

“Activists control the management of the company, and lead activist Ryan Cohen, founder of Chewy, plans to launch a new strategy soon,” Pachter added. “Once the new strategy is announced and we can evaluate it, we will review our estimates and PT again.”

Write to Connor Smith at [email protected]