GameStop Rises as Cohen Buys $26.4 Million in Shares

GameStop shares rose about 4% in Tuesday trading after Chief Executive Ryan Cohen disclosed a second large open-market purchase of company stock in two weeks, the latest in a stretch of insider accumulation that has driven the shares higher over the past month. Cohen bought 1,150,680 shares of GameStop Class A common stock on September 21 at a weighted average price of about $22.94, for roughly $26.4 million, according to a regulatory insider-transaction filing. His direct holdings after the purchase stand at 40,498,522 shares. The block followed a prior disclosed purchase on September 10 of 1,000,000 shares at $20.3759, meaning the latest purchase was executed at a visibly higher price. Director Alain Attal also bought shares, purchasing 17,500 shares at $22.97 on September 21 for about $401,975, after acquiring 5,000 shares at $20.00 on September 10. Attal's total position now stands at 618,964 shares, according to an SEC filing. Three other GameStop directors added to their positions over the same stretch. The buying lifted GameStop shares to about $23.69 in Tuesday morning trading, up roughly 4%.