The meme company is preparing to release earnings data for December 6th. And traders like stocks.

GameStop shares soared 20% on Wednesday, pushing shares to a two-month high of $16.25 a share. An army of retailers has returned to the Reddit darling in anticipation that the company's earnings report, due Dec. 6, will knock it out of the park.

Thrill-seeking traders returned to GameStop this week, purchasing high-risk call options contracts with a strike price of $22. Essentially, the pump-loving retail investor community is betting that the stock will skyrocket once the video game retailer releases its third-quarter financial results.

The speculative move ahead of the upgrade saw the stock reach 17 times its average daily trading volume. Is the retail army coming back to life with another short squeeze? GameStop shares are up 36% since Tuesday, but are still far from their all-time high of $483 per share.