GameStop Corp. (NYSE: GME) Chief Executive Officer Ryan Cohen has acquired an additional 1,150,680 shares of the company’s common stock for approximately $26.39 million, according to a filing with the U.S. Securities and Exchange Commission. The purchase, executed on Monday, brings Cohen’s direct ownership to 40.50 million shares, or roughly 8.03% of the shares outstanding as of September 3. When including 3.73 million shares underlying warrants, his beneficial ownership now stands at 8.7%.
The transaction marks Cohen’s second open-market purchase this month. On September 10, he bought 1,000,000 shares at a weighted price of $20.3759, costing $20.38 million. Combined, the two trades total 2,150,680 shares at an average price of $21.7464, for a total outlay of $46.77 million. The latest purchase was made at a weighted average price of $22.9375 per share.
Investors reacted positively to the disclosure. GameStop shares closed the regular session at $22.76, up $0.12 or 0.53% from the previous close of $22.64. In extended trading, the stock climbed to $23.49, a gain of $0.73 or 3.21%. Regular-session volume reached 9.08 million shares, about 1.47 times the 64-session average of 6.17 million shares.
The purchases come amid a significant transformation in GameStop’s business model. For the second quarter ended August 1, 2026, net sales fell 18.7% year-over-year to $790.2 million, while operating income more than doubled to $160.2 million. Collectibles sales surged 56.5% to $356.3 million, accounting for 45.1% of total revenue. Adjusted EBITDA rose 129.9% to $174.0 million, and net income jumped 77.2% to $298.7 million.
GameStop’s balance sheet has become a focal point for valuation debates. The company reported $5.4 billion in cash, securities, and digital assets, alongside a $4.9 billion stake in eBay Inc. (NASDAQ: EBAY). This concentrated holding makes quarterly book value sensitive to eBay’s stock performance.
Wall Street coverage remains sparse. According to MarketBeat, GameStop currently has only one analyst rating, compared to 21 for Best Buy Co. Inc. (NYSE: BBY) and 34 for eBay. The lone rating is a “Hold” with no price target available. Best Buy has a consensus “Hold” rating with an average target of $85.40, while eBay also holds a “Hold” consensus with an average target of $117.24.
The bullish case for GameStop rests on improving margins and Cohen’s personal investment. His $46.77 million in September purchases demonstrate a tangible commitment. However, the bearish argument points to shrinking revenue and the role of investment gains in net income. Risks include a potential downturn in the collectibles market, a decline in eBay shares, or poor capital allocation, any of which could reverse the after-hours gains.
Looking ahead, the next significant catalyst is scheduled for October 30 at 17:00 EDT, when GameStop’s warrants expire with a $32 exercise price—40.6% above Monday’s closing price. This event could influence the stock’s trajectory as investors assess the likelihood of warrant exercise and its impact on the share count.
