GameStop jumps 4% to $24.79 as Ryan Cohen continues buying shares

  • GameStop CEO Ryan Cohen bought another 450,000 company shares on Sept. 29.
  • Cohen purchased 2.6 million GameStop shares worth approximately $57 million since Sept. 10.
  • Cohen directly owned 40,948,522 Class A common shares after the latest purchase.

GameStop stock rose 4% to $24.79 after Chief Executive Officer Ryan Cohen disclosed another purchase of 450,000 shares. The Sept. 29 transaction was valued at about $10.5 million at an average price of $23.48, while a later account of the filing calculated approximately $10.6 million from two purchase blocks. Cohen has bought 2.6 million GameStop shares worth about $57 million since Sept. 10, according to the latest report. Earlier disclosures detailed purchases of 1,150,680 shares at an average price of $22.9375 and approximately 1 million shares for about $20.4 million. Cohen directly owned 40,948,522 Class A common shares after the latest transaction. GameStop’s latest quarter showed sales down 19% to $790.2 million, while net income rose 77% to $298.7 million, helped by cost reductions, collectibles growth and investment gains, including from its eBay stake.

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