GameStop CEO Cohen increases stake with $22.8 million share purchase
GameStop's chief executive is adding to his investment in the videogame retailer as the company's stock continues to climb this year. The latest purchase lifts Ryan Cohen's ownership to 9.1% and marks his second buy of the month.
Highlights
- GameStop CEO Ryan Cohen bought 844,130 shares for $22.8 million at $26.75–$27 each, raising his stake to 46.2 million shares or 9.1%.
- This follows Cohen's prior $17.1 million purchase earlier in October, signaling strong insider confidence in GameStop's prospects.
- GameStop shares have climbed 35.6% year-to-date, while earlier eBay acquisition talks for $56 billion were rejected as lacking credibility.
Filing details and recent share purchases
As reported by Reuters, citing a regulatory filing, Cohen bought 844,130 GameStop shares at prices between $26.75 and $27 each, for a total value of about $22.8 million. The transaction increases his holding to 46.2 million shares, equal to 9.1% of the company.The latest buy is Cohen's second purchase of GameStop stock this month. He previously bought about $17.1 million worth of shares, according to an SEC filing dated October 2.
Insider purchases are generally viewed by analysts as a sign that executives are confident in a company's prospects and believe the stock is undervalued.
Market context and strategic backdrop
GameStop shares have risen 35.6% so far this year, adding market context to Cohen's increased investment in the company.Earlier this year, GameStop sought to acquire eBay for about $56 billion, roughly four times GameStop's market value at the time, but eBay rejected the approach as neither credible nor attractive. In August, Bloomberg News reported that Cohen was considering dropping the eBay pursuit in favor of a partnership or joint venture with the ecommerce company.
Our previous report on activist investor Ancora’s push at Big Yellow Group outlined how shareholders are pressing the company to launch a strategic review, including the possibility of a sale, amid a wide discount to net asset value. It detailed Ancora’s valuation case, the stock’s year-to-date decline, and the broader backdrop of renewed M&A interest as boards face growing pressure to unlock shareholder value.
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