The executive acquired 450,000 Class A shares on Tuesday in open-market transactions.
GameStop shares advanced 4% on Wednesday after a regulatory disclosure revealed that CEO Ryan Cohen expanded his equity stake through open-market purchases.
According to a Form 4 filed with the Securities and Exchange Commission, Cohen bought 450,000 Class A common shares on Tuesday for about $10.6 million. The purchase took place in two blocks: 446,500 shares at a weighted-average price of $23.4753, and 3,500 shares at $23.4499 per share.
The transaction follows another buy earlier in the month, when Cohen purchased 1,150,680 shares at an average price of $22.9375 each, totaling roughly $26.4 million. Cohen now directly holds 40,948,522 Class A common shares of the Grapevine, Texas-based retailer.
Share prices can rise and fall. Past performance does not guarantee future results. This article is news, not investment advice.
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