GameStop (NYSE:GME) CEO Ryan Cohen Purchases 450,000 Shares of Stock

Key Points

• GameStop CEO Ryan Cohen bought 450,000 shares at an average price of $23.48, investing approximately $10.6 million and increasing his ownership to 40.95 million shares.
• The purchase follows Cohen’s acquisitions of roughly 1.15 million shares on September 21 and 1 million shares on September 10, signaling continued insider buying.
• GameStop shares traded near $23.74, while analysts maintained an overall “Hold” rating; quarterly revenue fell 18.7% year over year despite earnings meeting expectations.

GameStop Corp. (NYSE:GME - Get Free Report) CEO Ryan Cohen purchased 450,000 shares of GameStop stock in a transaction that occurred on Tuesday, September 29th. The stock was acquired at an average price of $23.48 per share, with a total value of $10,566,000.00. Following the transaction, the chief executive officer owned 40,948,522 shares in the company, valued at $961,471,296.56. The trade was a 1.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

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

GameStop Stock Performance

Shares of NYSE:GME traded down $0.22 during trading on Tuesday, reaching $23.74. The company had a trading volume of 8,081,394 shares, compared to its average volume of 7,269,386. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 15.62 and a beta of 1.72. The company has a debt-to-equity ratio of 0.68, a current ratio of 8.72 and a quick ratio of 8.07. The stock's fifty day moving average price is $20.26 and its 200 day moving average price is $21.89. GameStop Corp. has a fifty-two week low of $17.79 and a fifty-two week high of $28.10.

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

Institutional Investors Weigh In On GameStop

Several institutional investors have recently made changes to their positions in GME. WINTON GROUP Ltd acquired a new position in shares of GameStop during the 2nd quarter worth $5,111,000. Sterling Investment Advisors Ltd. boosted its holdings in GameStop by 33.8% during the second quarter. Sterling Investment Advisors Ltd. now owns 18,316 shares of the company's stock worth $404,000 after buying an additional 4,627 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in GameStop during the second quarter worth about $1,866,000. AlphaGrep UK Ltd acquired a new position in GameStop during the second quarter worth about $708,000. Finally, Public Employees Retirement System of Ohio acquired a new position in GameStop during the second quarter worth about $2,578,000. 29.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of GameStop in a research note on Wednesday, July 29th. Wall Street Zen lowered GameStop from a "buy" rating to a "hold" rating in a report on Monday, September 7th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, GameStop has an average rating of "Hold".

GameStop Company Profile

GameStop Corp. is a multichannel retailer specializing in video games, gaming hardware, accessories and related entertainment products. Its offerings include new and pre-owned consoles and games, controllers, headsets, collectibles, apparel, toys and trading cards. The company sells through its retail stores, e-commerce websites and other digital channels.

Founded in 1984 as Babbage's, the company expanded through acquisitions and adopted the GameStop name in 2000. It has historically operated stores in the United States, Canada, Australia and several European markets, although its international footprint has changed over time as the company has closed or sold certain operations.

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