Ryan Cohen Buys Millions in GameStop Shares
GameStop CEO Ryan Cohen purchased millions of dollars in company shares in September, driving a 4% increase in the stock price.
Ryan Cohen, Chairman and CEO of GameStop, conducted several open-market share purchases throughout September, totaling millions of dollars. According to filings with the United States Securities and Exchange Commission, Cohen recently bought 450,000 shares for approximately $10.6 million, adding to earlier September purchases of 2.15 million shares costing $46.8 million. These transactions bring his total holdings to nearly 41 million shares, representing about 8.8% of the company.
GameStop shares rose 4% to $24.79 on Wednesday following the news. The insider buying activity also acted as a catalyst for the broader gaming sector, with Roblox Corporation and Take-Two Interactive Software both seeing their share prices increase by 3%.
Recent quarterly results for GameStop showed a 19% decline in sales to $790.2 million. However, the company reported a 77% increase in net income to $298.7 million, which the company attributed to investment gains from its eBay stake, growth in collectibles, and cost reductions.
