(Bloomberg) -- Ryan Cohen would be foolish not to capitalize on the latest frenzy surrounding GameStop Corp.

That’s the read from industry specialists who point to the stock’s 150% surge this month prior to Friday’s open as a reason for GameStop’s chief executive officer to open the door to a potential share sale by the video-game retailer. GameStop on Friday announced a so-called at-the-market program which enables its bank to create shares for sale, with the proceeds being added to its balance sheet. 

The filing didn’t indicate a share sale had begun, and arguably, GameStop doesn’t need one: the company also announced preliminary first quarter results and said it expects its cash and equivalents will be around $1.1 billion.

“There are two times you issue stock: One is when you have to and one is when you’re stupid not to,” said Peter Atwater, an adjunct professor of economics at William & Mary. “If you’re Ryan Cohen, investors have just given you an opportunity to issue shares well above where they have been trading and you are silly not to take advantage of that.”

A GameStop representative didn’t immediately respond to a request for comment.

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Cohen, the video-game retailer’s largest shareholder as well as its CEO, helped turn GameStop into a meme stock in early 2021 alongside Keith Gill, who operates under the moniker “Roaring Kitty.” Cohen minted his fortune by founding Chewy before PetSmart bought it, and has taken control of GameStop in recent years with plans to reshape its ailing business. This week’s latest surge was triggered by Roaring Kitty’s return to X for the first time in three years.

GameStop’s underlying business has struggled, with most gamers opting to download new titles in place of visiting brick-and-mortar stores. As part of its maneuver to sell shares, GameStop gave a peek at its operations over the past few months. The business has struggled, with net sales coming in below the two estimates as it focuses on cutting costs.

Based on GameStop’s 27% slide to $20.17 at 11:49 a.m. New York time, the company could raise more than $900 million if it were able to efficiently sell the entirety of the at-the-market program without tanking the stock. That extra cash would build on a clean balance sheet with essentially zero debt and extend the timeline for Cohen to turnaround the business.

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“It is definitely prudent to cash in on the spike, as it is reasonable for management to presume that the spike will fade,” said Wedbush analyst Michael Pachter who rates the stock at underperform. “Hard to criticize them for taking advantage of the opportunity to raise capital, and it gives them a longer runway to figure out how to re-focus the business in order to return to consistent profitability.”

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