GameStop CEO Ryan Cohen Buys Another $26 Million of GME Stock

GameStop Corp. (NYSE:GME) chairman and CEO Ryan Cohen went back to the open market Monday, pushing his personal position in the video game retailer past 40 million shares. GME stock is moving. See the chart and price action here. The Buy – Details A Form 4 filed with the SEC Monday shows Cohen bought 1,150,680 shares of GameStop Class A common stock the same day, at a weighted average price of $22.9375 per share. The trades filled between $22.76 and $23.02, putting the day’s outlay at roughly $26.4 million. Cohen now directly owns 40,498,522 shares, worth about $922 million at Monday’s close of $22.76. The filing carries no Rule 10b5-1 designation, meaning the purchase was not made under a pre-scheduled plan — a detail retail traders have learned to watch closely since Cohen’s stake helped ignite the 2021 meme-stock squeeze. Read Also: Greenland Stocks Explode After Trump's Denmark Deal — GRML Up 245% Cohen Really Likes the Stock The buy extends a run of insider accumulation that began earlier this month. Cohen picked up one million shares on Sept. 10 at an average near $20.38, roughly a $20.4 million ticket, and three directors — Lawrence Cheng, James Grube and Alain Attal — added shares in the same week. Monday’s purchase came at a price more than 12% above where Cohen was buying 11 days earlier, a notable shift for a buyer who has historically stepped in on weakness. See More: Top Value Stocks The backdrop is a business leaning harder on collectibles. GameStop’s second-quarter adjusted earnings of 27 cents per share beat the 19 cent consensus, and operating income of $160.2 million marked a company record for the period even as revenue fell 18.7% year-over-year to $790.2 million. Management lifted full-year adjusted EBITDA guidance above $650 million. Still unresolved is Cohen’s pursuit of eBay Inc. (NASDAQ:EBAY), whose board rejected GameStop’s roughly $56 billion cash-and-stock offer at $125 per share as “neither credible nor attractive.” GameStop has said it intends to keep pressing. Why It Matters At a $10.2 billion market cap, Cohen’s direct stake is roughly 9% of the company, and every open-market add tightens an already reflexive float. For traders, unplanned CEO buying at rising prices is the cleaner signal here. GME Price Action: GameStop shares closed up 0.53% at $22.76 on Monday and were tradeing 2.37% higher at $23.30 after hours, according to Benzinga Pro market data. Read Also: Buy These 4 Cybersecurity Stocks, Skip These 2: Josh Brown Names Names Photo: Shutterstock