GameStop CEO Ryan Cohen Buys 500,000 Shares Amid Market Decline

FRISCO, Texas — GameStop Corp. shares surged on Friday after CEO Ryan Cohen disclosed in a regulatory filing that he acquired 500,000 shares of the company the previous day. The purchase, which took place on Thursday at an average price of $21.55, increased Cohen’s stake in the beleaguered video game retailer to more than 37 million shares, equating to roughly 8.4% ownership.

Following the announcement, GameStop’s stock price jumped 11% to $23.49, recovering from a close of $21.10 the day before. This surge occurred amidst a broader market slump, illustrating the volatile nature of retail trading and investor sentiment surrounding GameStop.

The timing of Cohen’s purchase comes just over a week after GameStop revised its corporate investment policy, which was revealed alongside its fourth-quarter earnings results. This strategic move may indicate a long-term vision for the company amid a turbulent stock performance.

Despite the recovery seen on Friday, GameStop’s shares have depreciated by about 25% this year. However, the stock remains more than double its price from 12 months ago, reflecting the company’s dramatic evolution since the height of its meme stock phenomenon.

As the market continues to fluctuate, industry experts are closely monitoring GameStop’s performance and future strategies. “Ryan Cohen’s investment shows a commitment to the company’s long-term growth,” said an unnamed analyst, highlighting the significance of his buying decision.

Investors and traders alike are urged to keep an eye on the company’s forthcoming announcements to gauge its recovery strategy and stock market performance.