TLDR
- CEO Ryan Cohen bought 450,000 GME shares on Tuesday at $23.48, spending $10.6 million.
- The purchase brings his September buying total to 2.6 million shares worth almost $57 million.
- GME rose nearly 2% in after-hours trading following the disclosure.
- Q2 revenue fell 18.7% year over year, but operating income and net income both hit records.
- GameStop holds $5.4 billion in cash and assets, plus a $4.9 billion eBay stake tied to its buyout offer.
Ryan Cohen just bought more GameStop stock, again. The GameStop CEO purchased 450,000 shares on Tuesday at an average price of $23.48, a $10.6 million buy.
That trade wasn’t a one-off. Cohen has now scooped up 2.6 million shares this month alone, spending close to $57 million of his own money.
GME shares responded well. The stock climbed nearly 2% in after-hours trading once the filing hit.
Tuesday’s purchase follows two other buys earlier in September. He bought 1 million shares on September 10 at $20.38, then added 1.15 million more on September 21 near $22.94.
Following the latest transaction, Cohen now owns 40,948,522 shares of GameStop. That stake is valued at roughly $961 million.
What The Numbers Show
GameStop’s most recent quarter wasn’t perfect on the top line. Revenue dropped to $790.2 million, down from $972.2 million a year earlier, an 18.7% decline.
But other figures told a different story. Operating income hit $160.2 million, the strongest second quarter in company history.
Net income also jumped, rising to $298.7 million from $168.6 million a year ago. Collectibles revenue was a bright spot too, up 57% year over year to $356.3 million.
Management raised its full-year outlook as well. GameStop now expects fiscal 2026 adjusted EBITDA above $650 million, up from its earlier forecast of $600 million.
The balance sheet remains stacked with cash. GameStop closed the quarter with $5.4 billion in cash, marketable securities, digital assets, and related receivables.
That total doesn’t even include its eBay stake, valued separately at $4.9 billion. The company also retired about $1.4 billion in convertible notes, leaving long-term debt near $2.8 billion.
The eBay Question Looms
GameStop proposed buying eBay earlier this year for $125 per share. That offer is still unresolved, and the company’s existing eBay position adds another layer to the story.
Any update on that front could move GME shares. Investors are watching closely for signs of where the deal, or lack of one, might head next.
There’s also a date circled on the calendar for GME holders. GameStop’s outstanding warrants expire on October 30.
Those warrants carry a $32 exercise price. The stock would need a sizable move up from current levels near $23.74 for them to have any value.
If GME stays below $32, the warrants simply expire worthless. If it climbs above that mark, GameStop could pull in extra capital from warrant holders exercising them.
On the analyst side, sentiment remains cautious. Wall Street Zen downgraded the stock from “buy” to “hold” back on September 7.
MarketBeat data shows GameStop carrying an average “Hold” rating currently. Institutional ownership sits at 29.21%, with several funds adding new positions during the second quarter.
GME’s fifty-day moving average sits at $20.26, while its 200-day average is $21.89. The stock’s 52-week range spans from $17.79 to $28.10.
Shares traded down slightly during Tuesday’s regular session, closing at $23.74. The after-hours pop came once Cohen’s latest purchase became public.
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