GameStop shares extended gains after-hours, rising around 4% after a regulatory filing showed CEO and Chairman Ryan Cohen bought 1 million shares in the open market. (Sources: Stocktwits, Pluang, Investing.com, MarketWatch, Barron's)
Ryan Cohen’s purchase of 1 million GameStop shares added fresh bullish sentiment around the meme-stock favourite. The open-market buying was viewed by investors as a signal of confidence from the company’s top executive.
GameStop director James Grube purchased 10,255 shares at $19.12 apiece on September 9, taking his direct holdings to 39,694 shares. The transaction was worth about $196,075.
GameStop’s collectibles business has emerged as a major growth driver. Second-quarter collectibles sales jumped 57% to $356.3 million, accounting for roughly 45% of total revenue.
GameStop reported second-quarter net income of $298.7 million, up from $168.6 million a year earlier. Overall revenue, however, declined to $790.2 million from $972.2 million.