I analyzed the trading activity that led BBBY stock to rip, about 20 minutes before the end of market hours and into after hours trading yesterday (03/21/23). Below are BBBY chart screenshots showing the data points corresponding to the start of the rip and the peak price reached in after hours session.
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BBBY Chart At The Beginning Of Rip
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BBBY Chart At Peak Price
I was also tracking the call options trading activity, yesterday and below are screenshots from ThinkOrSwim ThinkBack tool, showing 24 March call volumes and open interest at 3 different times. In the screenshots it can be seen that call volumes for all the calls kept increasing, while the open interest was unchanged. This is indicative of either the calls being purchased and exercised right away or just being traded. If the call options being traded were sold naked, i.e. shares were not purchased by the call writers before the calls were sold, both early exercise of the calls (as shown in this Youtube video) and delta hedging of the calls being traded can lead to share purchases that are guaranteed to be delivered and cannot FTD, as the options market maker exception that allowed naked shorting has been eliminated.
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BBBY 24 MAR Call Options Chain At 1:42 pm ET
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BBBY 24 MAR Call Options Chain At 3:35 pm ET
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BBBY 24 MAR Call Options Chain After Market Hours
In a past Reddit post, I had posted stats showing that early exercising call options led to fair price appreciation. So, I was sharing that post on Stocktwits, yesterday and had also posted about correlation of $0.50 call options volume jump to stock price jumps that I was observing in the chart. Below is the screenshot of my last such Stocktwits post before market close, posted at 3:39 pm ET. Within couple of minutes of that post the price started ripping. Comparison of the call options chain screenshots from after market hours and at 3:35 pm ET shows that after that post 70 $0.50 calls were purchased and 1,435 $1.00 calls were purchased.
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Last Stocktwits Post Before Market Close
Another key event that occurred just few minutes (3:43 pm ET) after that post and that is when the price really started ripping was that the shorts ran out of shares available to borrow, as seen in the Fintel screenshot below.
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Shorts ran out of BBBY shares to borrow at 3:43 pm ET
Now, let's look at the stock trades for the day to see if there is any data, which supports the thesis that a flurry of call options exercise or delta hedging triggered stock trades combined with no shares being available to borrow to short created the conditions that resulted in a jump in the stock price. Below is a screenshot of a Google spreadsheet that can be downloaded from here, derived from the stock trades data exported from Fidelity Active Trader Pro platform's Time & Sales window, where options exercise or delta hedging triggered trades are highlighted in yellow, identified as trades where the volume is an integral multiple of 50 and where, on the bid, is one of the exchange codes corresponding to an options exchange (as specified in this Fidelity help article). Also, other cells show various stats like the call options exercise or delta hedging triggered (let's just call them call options triggered) stock trading volume, total stock trading volume, percentage of call options triggered trades that executed above the bid price, the net difference in price as a result of only the call options triggered stock trading, both for the entire trading duration and just during the price rip. Same stats are also shown for the non options related trades, both for the entire trading duration and just during the price rip. In the selected cells in the screenshot below it can be seen that the percentage of call options triggered trades that executed above the bid price and the net difference in price as a result of only those trades was markedly high during the rip period.
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Stock Trades
So, the above data clearly shows that there indeed was a flurry of call options triggered stock trades, due to options trading volume picking up in the last 20 minutes before market close and perhaps also due to a bunch of call options early exercise triggered stock purchases being delayed by the options MMs to be executed towards the end of market hours, while at that time no shares were available to borrow to short and that created the conditions that resulted in a jump in the stock price. This understanding of the market mechanics can be used to first deplete the shares available to borrow to short via using call exercises to buy shares and then to unleash a flurry of call options early exercise or delta hedging triggered share purchases to push the stock price up.
PS: I am not a financial advisor and nothing in this post should be considered financial advice. This analysis is being shared just for educational purposes.

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Yes, I am happy.
My expectations of yesterday earnings were mainly fulfilled.
I did not write the numbers in my yesterday post, but on a piece of paper.
I expected gross profit increase to >22%, cost of sales decrease, revenues down, SG&A below 482M and my personal EPS expectation was 0,05-0,25ct/share...well hit.
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I am not an accountant, just a individual investor who had to be forced to learn about his investment after I initially made it for a completely different motivation
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But as I proceeded learning in the last 2years, it was simple to predict when just staying focused and don't get distracted by the smoke and dust and noise that is being created to distort me emotionally.
Seriously, it is a) a lot of work+time I have to put in but b) it is actually much simpler than I thought
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I am disappointed of myself that I did not load up more in the dip, regardless I have now purchased around 15% of all my shares below 20$ (post splividend).
I don't care about the increase in Afterhours, it was just 50% on ridicoulus 14M volume (that's 3,5M pre splividend) to around 25$
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25$ (post split) = 100$ pre split...that was a no brainer buy in opportunity less than 1 year ago.
We had the famous battles for 180$ (45$), 140$ (35$) and 120$(30$), and these were considered the flooresistance levels.
And a year ago, the actual earnings were much worse, a lot of more trust, hope, retardness or despair was needed to throw more of my hard earned money into an already deep red position
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14Mio volume after hours is not shorts covering or FOMO, Gamma ramp or whatever- it's actually nothing compared to the significance of the results reported.
It's just an adjustment of some existing holders following the same mindset as mentioned above who got their predicitions confirmed
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I prefer to stay in reality:
Gamestop is still a loss making company looking into a full year scope. But are they really bleeding ?
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https://preview.redd.it/u2z89qruu8pa1.png?width=1132&format=png&auto=webp&s=13194db4ee66295cf87766c82beb8130db5701a9
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GME annual results
2022 $-308
2021 $-215
2020 $-471
2019 $-673
2018 $35
2017 $353
2016 $403
2015 $393
2014 $354
2013 $-270
2012 $340
2011 $408
2010 $377
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The total 2022 result is worse than the 2021 result, but it's cash on hand and the free cash flow that has changed...this figure cannot be undervalued to show the company's turnaround performance.
Seriously, focus more on this figure https://www.investopedia.com/terms/c/cashflow.asp
Cash flow is actually the difference between money in and money out...it therefore can be considered the as "the bleeding"...
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https://preview.redd.it/k3xzk4zp09pa1.png?width=1356&format=png&auto=webp&s=edf4515baf6ba82b18803ed70e578b0fa8c91bfe
Positive cash flow indicates that a company's liquid assets are increasing, enabling it to cover obligations, reinvest in its business, return money to shareholders, pay expenses, and provide a buffer against future financial challenges. Companies with strong financial flexibility can take advantage of profitable investments. They also fare better in downturns, by avoiding the costs of financial distress.
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https://preview.redd.it/q1cc11wcy8pa1.png?width=1273&format=png&auto=webp&s=d2000b8c6fd171abdd788413d1df6a7865880e86
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Valuation and forecast
This is by far the hardest point, the interpretation of this stock based on his fundamentals.
GME market cap at 26$ is around 8bn USD which roughly represents 1,5 times the turnover...that is a realistic evaluation, if GME would be a normal stock...
With the Q4 turnaround momentum, the financial situation/balance sheet in the current market (increasing rates etc.), there is even some upside potential with 30$ as a strong resistancy level..battle for 120$ (pre-split) is back on the menu :)
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What makes GME idiosyncratic and very unpredictable is the complex situation around it.
The bankruptcy thesis can be taken off the table for the time being, and i applaud everyone who loaded up as hell below 20$- from fundamental side, we won't see that again for a long time.
Based on the numbers above the thesis itself was not wrong, to be honest...the question is how strong was the actual influence of short sellers to bring the price down from 2016-2020 from 10$ to 1$ per share and later on again from 350-> 40 etc.?
Did they really went all in to cellar box, and did they short it down with maybe hundreds of millions of shorts through all their loopholes and playbooks and so on? I personally think yes, but are they forced to CLOSE their positions one day or are they able to kick the can down thr road for as long as they want- because for 5 naked shorts you still pay only 1 time the borrow fee to the lender...
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My 2 cents are that I came for the squeeze, and "they" screwed me...I am now in for the fundamentals, regardless if I am still in the red. I am prepared that a lot of shareholders, usually the loudest now, will fold their hand when they turn green again and maybe see 100% plus for the first time in their lifes.
I hope that the reason why I initially invested will revive...the emotions caused just by the thought about it remind me of the days 84years ago...
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Stay informed, stay greedy, be merciless - or stay super retard mode- because that's what they are and it's time for them to pay for their arrogance