GameStop Stock Climbs as CEO Ryan Cohen Extends His Buying Streak

GameStop Corp. (NYSE:GME) is trading higher Wednesday after a Form 4 filing from late Tuesday disclosed that CEO Ryan Cohen purchased 450,000 shares of the company. GameStop shares are showing limited movement. What’s next for GME stock? Ryan Cohen Raises GameStop Holdings to 40.9M Shares Following the transaction, Cohen now directly owns 40,948,522 shares of GameStop. The purchase adds to a consistent pattern of accumulation over the past year — Cohen has bought a total of 3,600,680 shares and sold none, including a 1 million-share purchase earlier this month at an average price of about $20.38. Director Lawrence Cheng also purchased 55,000 shares on September 8, the day GameStop reported quarterly results. GameStop Trades Above Every Key Moving Average At $24.32, GameStop is trading 12% above its 20-day SMA ($21.70) and 19.4% above its 50-day SMA ($20.35), which tells you the intermediate trend has improved and pullbacks have been getting bought. It’s also 9.4% above the 200-day SMA ($22.22), a level many longer-term traders use as a quick "trend filter." The moving-average picture is mixed, though: the 20-day SMA is above the 50-day SMA (a bullish near-term alignment), but the 50-day SMA remains below the 200-day SMA following the death cross in June. In plain terms, the shorter-term trend has turned up, but the longer-term backdrop still needs more time (and follow-through) to fully repair. For momentum, MACD is the cleaner read right now: it’s above its signal line and the histogram is positive, which points to improving upside pressure versus the prior downswing. When MACD is above its signal line, it typically means sellers are losing control and rallies have a better chance of extending—though it’s not a guarantee without a clean push through resistance. Key Resistance: $25.50 — a nearby pivot area where rebounds can stall, sitting just above the current price and below the 52-week high zone Key Support: $21.00 — a nearby floor that lines up closely with the low-$21 area where multiple moving averages cluster (20-day/100-day region) Read Also: Stock Market Today: S&P 500, Dow Jones Futures Gain as Investors Await Fed's Preferred Inflation Data — MU, AMD, FNGR in Focus GameStop Shares Edge Higher GME Price Action: At the time of publication, GameStop shares are trading 2.47% higher at $24.35, according to data from Benzinga Pro. Image via Shutterstock