GameStop CEO Ryan Cohen Buys $26.4 Million in GME Stock, Stake Tops 40 Million Shares

GameStop Corp. (GME) CEO Ryan Cohen purchased 1,150,680 Class A shares on Monday for roughly $26.4 million, lifting his direct holdings to 40,498,522 shares, per a Form 4 filed with the SEC. The weighted average price was $22.9375 per share, with executions between $22.76 and $23.02. No Rule 10b5-1 designation appeared on the filing, indicating the buy was not made through a pre-scheduled trading plan. GME closed up 0.53% at $22.76 on Monday and rose about 3% after hours. The purchase follows Cohen's one-million-share buy on Sept. 10 at an average near $20.38, a price more than 12% below Monday's cost. Directors Lawrence Cheng, James Grube and Alain Attal also bought that week. Cohen's stake equals roughly 9% of GameStop's ~$10.2 billion market cap. The company recently proposed acquiring eBay at $125 per share, a ~$55.5 billion deal eBay's board rejected as "neither credible nor attractive." Cohen has weighed withdrawing the bid for a partnership or joint venture giving eBay access to GameStop's roughly 1,600 U.S. stores.