GameStop CEO Ryan Cohen bought another $20 million in company stock, but investors did not react much to the news.
A filing with the Securities and Exchange Commission showed Cohen bought 1 million shares on Thursday, paying between $20.02 and $20.47 each. This was his first open-market purchase since January, when he bought the same amount for $21.4 million.
With this latest purchase, Cohen now owns 39.3 million shares, or 7.8% of all GameStop shares.
Investors mostly ignored the news, and GameStop shares rose just 3.9% on Friday. The stock, which was once a symbol of the meme-stock era, has lost much of its earlier buzz. By Friday morning, GameStop was not trending in the online communities that fueled its big 2021 rally. The stock has had a tough year, especially after an August selloff when the company announced a $1.4 billion debt-for-stock exchange.
As of Thursday’s close, GameStop shares were only slightly higher for the year and have lagged behind the broader market. This is a big change from 2021, when the stock soared during the peak of the meme-stock craze.
Cohen was not the only insider buying shares lately. Three company directors bought 70,255 shares this week for about $1.3 million, with one director making a single purchase. This insider buying came after GameStop’s latest quarterly report, which showed sales dropped sharply. However, the company’s profitable stake in eBay and strong demand for collectibles and trading cards were positive signs.
