This article first appeared on GuruFocus .
GameStop ( NYSE:GME ) shares climbed about 3.5% in pre-market trading on Wednesday after Chief Executive Ryan Cohen increased his stake in the videogame retailer.
The filing shows Cohen bought 500,000 shares in multiple transactions at a weighted average price of about $21.12 per share, for a total investment of roughly $10.6 million. His ownership now stands at about 9.2%.
Cohen now holds more than 41.5 million shares, including warrants, and has invested about $117 million of personal funds in the company over time. The purchase came as investors continue to assess GameStop's turnaround efforts.
Cohen first built a stake in 2020 and became chairman in 2021. He was named president and CEO in September 2023 and agreed to serve without a salary.
Earlier this month, the board granted Cohen performance-based stock options tied to long-term market value and earnings targets.
GameStop has reported improved profitability over the past year, though the stock is down more than 20% over the last 12 months despite the recent rebound.
