GameStop (NYSE:GME) CEO Ryan Cohen Buys 700,000 Shares of Company Stock

Key Points

• CEO Ryan Cohen bought 700,000 GameStop shares at an average price of $24.41, investing approximately $17.1 million and increasing his direct stake by 1.71% to 41.65 million shares.
• The purchase follows three other substantial acquisitions by Cohen since September 10, bringing his recent GameStop purchases to roughly 3.3 million shares.
• GameStop shares rose 2.3% to $24.66, while analysts maintain a consensus “Hold” rating; quarterly revenue fell 18.7% year over year despite earnings and revenue exceeding or meeting estimates.

GameStop Corp. (NYSE:GME - Get Free Report) CEO Ryan Cohen acquired 700,000 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The shares were acquired at an average cost of $24.41 per share, for a total transaction of $17,087,000.00. Following the purchase, the chief executive officer directly owned 41,648,522 shares in the company, valued at $1,016,640,422.02. This trade represents a 1.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ryan Cohen also recently made the following trade(s):

• On Tuesday, September 29th, Ryan Cohen bought 450,000 shares of GameStop stock. The shares were acquired at an average price of $23.48 per share, for a total transaction of $10,566,000.00.
• On Monday, September 21st, Ryan Cohen bought 1,150,680 shares of GameStop stock. The stock was acquired at an average cost of $22.94 per share, with a total value of $26,396,599.20.
• On Thursday, September 10th, Ryan Cohen purchased 1,000,000 shares of GameStop stock. The stock was acquired at an average price of $20.38 per share, with a total value of $20,380,000.00.

GameStop Stock Up 2.3%

Shares of NYSE GME traded up $0.55 during mid-day trading on Friday, reaching $24.66. 13,032,869 shares of the company's stock were exchanged, compared to its average volume of 7,352,325. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 16.23 and a beta of 1.62. The company has a current ratio of 8.72, a quick ratio of 8.07 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $20.42 and a 200 day simple moving average of $21.89. GameStop Corp. has a twelve month low of $17.79 and a twelve month high of $26.99.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings data on Tuesday, September 8th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. GameStop had a return on equity of 13.57% and a net margin of 25.16%.The business had revenue of $790.20 million during the quarter, compared to analyst estimates of $756.85 million. During the same period in the previous year, the firm earned $0.31 EPS. GameStop's quarterly revenue was down 18.7% compared to the same quarter last year.

Institutional Investors Weigh In On GameStop

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its holdings in GameStop by 805.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,264 shares of the company's stock worth $45,000 after acquiring an additional 2,014 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of GameStop in the first quarter valued at $60,000. Caitong International Asset Management Co. Ltd bought a new position in shares of GameStop in the fourth quarter valued at $54,000. CX Institutional increased its holdings in GameStop by 537.1% during the second quarter. CX Institutional now owns 3,313 shares of the company's stock worth $73,000 after buying an additional 2,793 shares during the last quarter. Finally, Lido Advisors LLC acquired a new position in GameStop during the first quarter worth $210,000. 29.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GME shares. Weiss Ratings reissued a "hold (c)" rating on shares of GameStop in a research report on Wednesday, July 29th. Wall Street Zen lowered shares of GameStop from a "buy" rating to a "hold" rating in a research note on Monday, September 7th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of "Hold".

About GameStop

GameStop Corp. is a multichannel retailer focused on video game products and related entertainment merchandise. The company sells new and pre-owned video game hardware, software, accessories and consumer electronics through its retail stores and e-commerce websites. Its product offerings include gaming consoles, controllers, headsets, games and other equipment for major platforms.

GameStop also sells collectibles, apparel, toys, trading cards and other products connected to video games and popular culture.

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