Ryan Cohen scooped up $10 million in GameStop Corp. shares in the wake of a selloff fueled by the gaming retailer’s latest earnings report, a recent filing shows.
Cohen, the executive chair of GameStop
GME,
purchased 443,842 shares of the company Friday at prices ranging from $21.61 to $23.39, according to a Form 4 filed with the Securities and Exchange Commission Tuesday. He now owns more than 36.8 million GameStop shares through RC Ventures LLC.
The recent purchases came after GameStop’s stock slid nearly 18% in Thursday’s session as the company’s latest earnings report brought further uncertainty, including news of Matthew Furlong’s firing from the CEO position and a general lack of in-depth commentary about business trends.
See more: ‘We remain convinced that GameStop is doomed’: Analysts weigh in after CEO’s firing
GameStop shares went on to rally in each of the next two sessions, and they were on track for another day of gains Tuesday. The shares are up 8% in morning trading Tuesday and ahead 22.6% over a three-day span, changing hands at levels near where they were before the company posted its results.
Cohen isn’t the only company insider putting his money where his mouth is when it comes to GameStop’s future. Lawrence Cheng, a GameStop board member, purchased 5,000 shares of the company at an average price of $22.3799 Friday, according to a filing from earlier this week. He spent about $112,000 on the transaction. Alain Attal, another member of the company’s board, bought up 10,000 shares at a $22.40 average price, spending $224,000 to do so.
See also: AMC theater attendance spiked from major movie releases, research finds
Cheng now owns 42,088 shares of GameStop indirectly through Cheng Capital LLC, including his latest purchases, and another 7,000 shares directly. Attal has direct ownership of 538,692 shares.
Read: ‘Crowded’ tech trade? Investors still haven’t piled into these two big names.
This post was originally published on Market Watch
