GameStop (GME) shares jumped more than 30% after it was disclosed that company chairman Ryan Cohen bought an additional 100,000 shares of the video game retailer, taking his stake in the company to 12%.
The company’s stock rose 20% in after-hours trading after posting a 30% gain during the regular trading session yesterday (March 22), closing in New York at $123.14 per share.
Cohen purchased 100,000 shares of GameStop through his investment company, RC Ventures, at a cost ranging from $96.81 U.S. to $108.82 U.S. apiece, according to a regulatory filing.
Cohen now owns a total of 9,101,000 GameStop shares.
Cohen, who previously cofounded pet-supply retailer Chewy (CHWY), was tapped by GameStop last year to serve as chairman of a special committee formed by its board to help it transform into an e-commerce company.
Soon after Cohen’s appointment, GameStop was caught in a short squeeze that sent the stock up more than 680% in 2021.
Just two weeks ago, Cohen revealed a big stake in Bed Bath & Beyond (BBBY) and pushed for a turnaround at the company. He wrote a letter to the company’s board, saying the housewares retailer is struggling to reverse market share losses and navigate supply chain issues.
