GameStop CEO Ryan Cohen Purchases Additional Shares in GME Stock
Ryan Cohen, CEO of GameStop (GME), purchased 1,150,680 shares of the company's Class A common stock for approximately $26.4 million on September 21, according to a Form 4 filing with the SEC. The average price per share was around $22.9375, and Cohen’s direct holdings now exceed 40 million shares. This purchase follows an earlier acquisition of one million shares at roughly $20.38 in early September. The insider buying activity has coincided with a recent uptick in GameStop's stock price, which rose nearly 3% after hours following the latest transaction. In addition to Cohen’s purchases, three other directors also bought shares during that week. Meanwhile, GameStop reported strong operating income of $160.2 million for its most recent quarter and raised its full-year adjusted EBITDA forecast above $650 million. Cohen has been actively building his stake while pursuing a potential acquisition or partnership with eBay. Although an initial bid to acquire eBay was rejected, GameStop remains interested in exploring alternative arrangements that could leverage the company’s retail presence.
Topics: GameStop CEO purchase insider buying stock transactions