GameStop rises 4% after Cohen buys $26 million

• GameStop (NYSE:GME) shares rose after CEO Ryan Cohen disclosed a purchase of about 1.15 million additional shares worth approximately $26.4 million.
• The stock gained 4.3% to $23.73, reaching its highest level in more than four months.
• The purchase increased Cohen’s direct ownership to about 40.5 million shares as GameStop continues its investment strategy.

GameStop (NYSE:GME) shares rose after CEO Ryan Cohen disclosed the purchase of approximately 1.15 million additional shares worth about $26.4 million.

The stock increased 4.3% to $23.73 on Tuesday, reaching its highest level in more than four months after Cohen continued buying shares.

The SEC filing showed Cohen purchased the shares through a series of transactions at a weighted average price of about $22.95 per share, increasing his direct holdings to roughly 40.5 million shares.

Following the announcement, GameStop's share price was up 4.3% at $23.73.

Cohen previously disclosed the purchase of 1 million shares earlier in September, and his total ownership including shares underlying warrants is approximately 8.7%.

GameStop has also been pursuing a potential takeover of eBay (NASDAQ:EBAY), with the company reporting it held about 43.4 million eBay shares valued at approximately $4.9 billion as of August 1.