Key facts
- GameStop CEO Ryan Cohen bought shares worth approximately $22.8 million.
- Cohen's stake in GameStop now stands at 9.1%, totaling 46.2 million shares.
- The purchase involved 844,130 shares bought at prices between $26.75 and $27.
- This is Cohen's second purchase of GameStop stock this month.
- Earlier in October, Cohen bought $17.1 million worth of GameStop shares.
- GameStop shares have risen 35.6% year-to-date.
GameStop CEO Ryan Cohen has acquired approximately $22.8 million worth of the videogame retailer's shares, according to a regulatory filing on Tuesday. This latest purchase increases his total ownership stake in the company to 9.1%, amounting to 46.2 million shares. Cohen bought 844,130 shares at prices ranging from $26.75 to $27 apiece.
This transaction marks Cohen's second significant purchase of GameStop stock this month. He had previously bought shares valued at $17.1 million, as disclosed in an SEC filing on October 2. Analysts commonly interpret such insider purchases as a positive indicator of executive confidence in a company's future prospects and a belief that its shares are undervalued.
Earlier in the year, GameStop had reportedly explored acquiring eBay for approximately $56 billion, a valuation roughly four times its market value at the time. eBay rejected the offer, deeming it neither credible nor attractive. In August, Bloomberg News reported that Cohen was considering alternative strategies, such as a partnership or joint venture with eBay, instead of a full acquisition.
Year-to-date, GameStop's shares have seen a rise of 35.6%.