GameStop CEO Ryan Cohen Buys $20 Million Worth of Shares, Boosting GME Stock
On September 11, GameStop (GME) shares rose after a regulatory filing revealed that CEO Ryan Cohen had purchased 1 million company shares for approximately $20.37 million at an average price of $20.38 per share. This purchase increases his total stake to over 39 million shares, representing about 8.5% ownership in the video game retailer. The move is seen as a sign of confidence by insiders that GME remains undervalued and supports its ongoing turnaround efforts. The stock has already gained around 15% from its August low before this news emerged. Additionally, options market data shows strong bullish sentiment with an imbalanced put-to-call ratio (0.22x) for contracts expiring in mid-October and a price target of $22.79 per share. However, the absence of Wall Street analyst coverage remains a concern as it limits independent valuation assessments.
Tickers: $GME
Topics: bullish signal GameStop GME Ryan Cohen share purchase