Ryan Cohen buys $22.8 million in GameStop shares

GameStop CEO Ryan Cohen has purchased an additional 844,130 shares of the company in open-market transactions, valued at approximately $22.8 million. According to regulatory filings with the Securities and Exchange Commission, the acquisition included 67,130 shares at $26.75 each and 777,000 shares at $27.00 each.

These recent purchases follow a series of significant investments by Cohen throughout September and October. This latest move brings his total direct beneficial ownership to approximately 42.5 million to 46.2 million shares, representing a stake of roughly 9% in the videogame retailer.

The insider buying comes as GameStop explores expansion strategies beyond its traditional business model. The company's stock has seen notable growth, rising roughly 35.6% so far this year, amid improved second-quarter operating results and an increased full-year adjusted core profit outlook.