GameStop CEO Ryan Cohen leads nearly $99 million in insider purchases.
- GameStop insiders bought about 4.25 million shares across 12 transactions, worth $115.7 million.
- CEO Ryan Cohen led the purchases, repeatedly buying shares at rising prices.
- On Stocktwits, retail sentiment remained ‘bullish’.
GameStop Corp. (GME) stock is headed for its seventh consecutive weekly gain, as CEO Ryan Cohen and three board directors have spent about $99 million on open-market purchases since September, a buying spree retail traders are calling “GME 2.0” and a rare show of insider conviction.
GameStop stock traded 1.5% higher overnight, ahead of Wednesday. The stock has gained 2.5% so far this week.
Ryan Cohen Leads GameStop’s $115 Million Insider Buying Spree
GameStop’s insider buying spans 12 transactions and roughly 4.25 million Class A shares. Cohen, GameStop’s chairman, president, and CEO, accounts for nearly all of it, with directors Lawrence Cheng, Alain Attal and James Grube adding smaller stakes. At Tuesday’s close of $27.22, the shares are worth about $115.7 million.
Cheng bought 55,000 shares on Sept. 8 at $18.80. Two days later, Cohen bought one million shares at $20.38, a $20.4 million bet. He didn’t stop. On Sept. 21 he added 1.15 million shares at $22.94, and on Sept. 29 another 450,000 at $23.48. He bought 700,000 more on Oct. 2 at $24.41. His latest purchase came on Tuesday, with 844,130 shares at $26.98, about $22.8 million. Each buy came at a higher price than the last, so insiders were willing to pay up as the stock rose roughly 44% from the first purchase.
GameStop’s Fundamentals Show Strength
The insider activity follows a strong fiscal second quarter (Q2) 2026. Revenue fell 18% to $790.2 million, hurt by last year’s Nintendo Switch 2 launch comparison, store closures, and the France divestiture. It still beat the $756.85 million analyst consensus, and adjusted EPS matched estimates, according to Fiscal.ai data.
The profit picture was stronger. Operating income hit a record $160.2 million, up from $66.4 million a year earlier. Net income reached $298.7 million, and adjusted EBITDA jumped 129% to $174 million. Collectibles sales climbed 57% to $356.3 million, showing how far the company has moved beyond selling games.
GameStop ended the quarter with $5.4 billion in cash, securities, digital assets, and related receivables. Management raised its fiscal 2026 adjusted EBITDA forecast to more than $650 million, up from more than $600 million.
What GME Retail Traders Are Saying
On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory.
A user said, “This is GME 2.0.”
Another user said, “Why would Cohen do this at $27 and not be doing all this buying when it was under twenty? Owns now a bit over 10% of the outstanding shares. Up two percent after hours. And going on the seventh week green in a row. Reminds me of October through December 2024.”
A third user added, “If cohen is willing to continue to make big share purchases at 52 week highs then confident to say he is envisioning the stock price $35 or higher in the not-so-distant future.”
GME stock has gained over 35% year-to-date.
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