What fundamentals make you think that? That's substantially discounted vs revenue.
if the gamestop is still shorted at 130-150% of total issued shares (finra report coming soon) that means the shorters are going to be paying interest and getting margin called as GME prices goes up. the fees for borrowing GME to short have been 30-60%. That is absolutely insane, if you can even find shares to short, which I haven't seen any for the past day.
GameStop did 6 billion in revenue 2020. At $5 per share that’s a ~348mm valuation.
The value of a business with the same revenue as Gamestop, but with a normal profit margin and a stable or growing market is a very different beast. The only way Gamestop has any value is either to keep cutting the unprofitable stores until they just disappear as a company, like Sears did, or leverage the brand to pivot to digital. This is fairly difficult since the consoles are all locked to the console manufacturer's store, and Steam is already dominant on the PC.