GameStop CEO Cohen Buys $22.8M More Stock, Stake Hits 9.1%
GME sits 57% above its 52-week low of $17.79.
Summary
CEO Ryan Cohen bought 844,130 shares for about $22.8 million on October 13, raising his stake to 9.1% of outstanding shares. This is his second purchase this month, following a $17.1 million buy on October 2. The purchases come as GameStop trades near its 52-week high of $27.53, with the stock up 35.6% year-to-date. Insider buying at these levels signals strong conviction in the company's prospects, especially after the failed eBay takeover bid and subsequent pivot toward a partnership. The stake increase from 8.7% to 9.1% is modest but reinforces Cohen's alignment with shareholders.
At the time of this announcement, GME was trading at $27.89 on NYSE in the Trade & Services sector, with a market capitalization of approximately $13.7B. The 52-week trading range was $17.79 to $27.53. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.