GameStop Chairman and CEO Ryan Cohen disclosed a second seven-figure open-market purchase in two weeks, buying 1,150,680 shares of Class A common stock at a weighted average of $22.9375, sending the stock up 4% to $23.69. The purchase follows his September 10 buy of 1,000,000 shares at $20.3759, and leaves his direct holdings at 40,498,522 shares. Three GameStop directors also added to their positions in the same stretch. The company's balance sheet carries approximately 43.4 million shares of eBay common stock valued at $4.9 billion, and eBay's board has rejected GameStop's standing non-binding acquisition proposal, with Cohen more recently weighing a partnership or joint venture instead. The muted 4% response, on top of a 30% monthly gain, suggests traders are treating the insider accumulation as a price floor rather than a catalyst until GameStop delivers an operating update.
GameStop Corp.Chairman/CEO Ryan Cohen bought 1.15M more shares and three directors also added, signaling insider confidence.
eBay IncGameStop holds ~43.4M eBay shares and eBay's board rejected GameStop's acquisition proposal, with Cohen now weighing a partnership/JV instead.
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