GME
Another Monday, another Cohen buy
Ryan Cohen went back into the open market and bought 1,150,680 shares of GameStop at about $22.94 apiece, dropping roughly $26.4 million on the table. That takes his direct ownership to 40,498,522 shares — a monster position that keeps tightening the noose around an already pretty crunchy float.
Why traders are paying attention
This wasn’t some sleepy, pre-planned 10b5-1 drip. The filing says no such plan was in place, which is the kind of detail meme-stock traders circle in red marker and then post about like it’s a moon landing. The buy also came just 11 days after Cohen scooped up another million shares around $20.38, so this is starting to look less like a one-off and more like a pattern.
The business isn’t just vibes
GameStop’s latest quarter wasn’t awful either. Adjusted EPS came in at 27 cents, ahead of the 19-cent consensus, and operating income hit a record $160.2 million for the period even as revenue slid 18.7% year over year to $790.2 million. Management also lifted full-year adjusted EBITDA guidance above $650 million, because apparently the company wants you to remember it has a business model, not just a Reddit fan club.
Big picture
For investors, the message is simple: the CEO is buying more stock at higher prices, not less. That’s not a guarantee of anything, but it is the kind of insider signal that can keep GME buzzing whenever traders start sniffing around for the next catalyst.