GameStop Corp. (NYSE:GME) is trending Wednesday after a Form 4 filing disclosed that CEO Ryan Cohen bought another 844,130 shares of the company Tuesday, after the market closed.
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Cohen Buys 844,130 Shares at $26.75 to $27.00
Cohen, who is also GameStop’s chairman and president, bought 67,130 shares at $26.75 and 777,000 shares at $27.00, for a total of about $22.8 million. After the purchase, he directly owns 42,492,652 shares of Class A common stock. Including about 3.7 million shares underlying warrants, he beneficially owns roughly 46.2 million shares, or about 9.1% of the company, according to an amended Schedule 13D.
It’s Cohen’s Fifth Purchase Since Sept. 10, Totaling About $97 Million
The filing is Cohen’s second purchase this month. On Oct. 2, he bought 700,000 shares at an average price of $24.41. Before that, he bought 450,000 shares on Sept. 29 at an average of $23.48, 1,150,680 shares on Sept. 21 at an average of $22.94 and 1 million shares on Sept. 10 at an average of about $20.38. Together, the five purchases total about 4.1 million shares, or roughly $97 million. Other executives have gone the other way. The principal financial officer and the general counsel have recently sold about $177,000 and more than $275,000 of stock, respectively, according to Investing.com.
GameStop Is Near a 52-Week High With a Large eBay Stake and Little Wall Street Coverage
GameStop shares hit a 52-week high near $27 this week, are up about 26% over the past 30 days and have gained more than 30% this year. The company holds a stake of about 9.8% in eBay, worth about $4.9 billion as of its last quarterly report, after its $56 billion bid for the online marketplace was rejected. It cut its long-term debt to about $2.8 billion after exchanging about $1.4 billion of convertible notes for shares in September. Yorkville Ives analyst Dan Ives initiated coverage on Oct. 7 with an Outperform rating and a $32 price target, which TipRanks described as Wall Street’s only Buy rating on the stock.
GameStop Shares Trade Higher
GME Price Action: At the time of publication, GameStop shares are trading 1.43% higher at $27.61, according to data from Benzinga Pro.
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