The most optimistic scenario for GameStop can't come close to justifying the stock price, Baird says

A man walks past a GameStop store in Austin, TX.
Mohammad Khurshee | Reuters

The wild swings in GameStop's stock price have caused many to wonder what the company could actually be worth, but Baird Equity Research said Wednesday that even the most optimistic outcome can't justify the sky high stock.

Shares of GameStop traded at roughly $350 per share on Friday morning after being under $20 per share just a few weeks ago. The dramatic rise, fueled by extreme short interest and enthusiastic retail traders, was sparked initially by news that the company had added Chewy co-founder Ryan Cohen to its board.

More In Street Calls

CNBC ProBuffett keeps buying more Occidental. Here's the buy the dip case for energy stocks
CNBC ProGoldman Sachs cuts Truly maker Boston Beer to sell as hard seltzer's popularity fades
CNBC ProHere are Tuesday's biggest analyst: Amazon, FedEx, Snowflake, Tesla, UPS, eBay, Micron & more