it's the multiple of earnings and cash flow that matter, not the price. GME had debt then, so you have to use Enterprise value-to-EBITDA multiples for apples/apples comparisons of the company's historical value. Also there are less shares outstanding now. Note that the company trades at less than 8x EV/2014 estimated EBITDA, but traded as high 20x EBITDA in the upswing of the last console cycle. So there's a lot of upside in the stock if history is any guide.
I went back and looked at the company's financial performance through the last console cycle. interestingly, margins compressed to almost the same level then through the console launches of 05 and 06 only to rebound nicely in the following years. also same store sales hit their peak growth rate 1-2 years after the console launches as software/accessories/used business follows consoles. During that time the company's multiple expanded dramatically (averaging 15x EV/EBITDA through 06 and 07 and peaking at 20x, according to Bloomberg) versus on 5.5x today. So the stock has historically re-priced a lot higher as its growth rate has accelerated following console launches. Hopefully, PE guys see this trend, too (and with a clean balance sheet to lever no less)!