TLDR
- GameStop (GME) stock rose about 2% to around $27.65 in pre-market trading on Wednesday.
- CEO Ryan Cohen bought 844,130 shares on Tuesday, spending about $22.8 million.
- Cohen now holds roughly 42.5 million shares, about 10% of the public float.
- It was his fifth purchase since Sept. 10, with total buying above $99 million.
- The stock is on pace for its highest close since June 2025.
GameStop (GME) stock rose about 2% in pre-market trading on Wednesday. It traded near $27.65 to $27.72, up from Tuesday’s close of $27.22. That puts the stock on pace for its highest close since June 2025, according to Dow Jones Market Data.
The move followed a Form 4 filing that showed CEO Ryan Cohen bought 844,130 Class A shares on Oct. 13. He paid between $26.75 and $27.00 per share, for a total of about $22.8 million.
The purchase lifts his direct holdings to about 42.5 million shares. That is roughly 10% of GameStop’s public float.
This was the fifth time Cohen has bought stock since Sept. 10. It follows a $17.1 million purchase earlier in October.
Add it all up and Cohen has put more than $99 million into the stock since September. That is a lot of conviction, or a lot of confidence, depending on your view.
Insider buying and the earnings backdrop
Cohen said earlier this year that it was “essential” for bosses of public companies to buy shares. He said it helps “further strengthen alignment with stockholders.”
Insider purchases tend to lift a stock. They signal that company leaders think the price is too low.
The buying comes after a solid quarter. GameStop reported record second-quarter operating income.
Collectibles revenue jumped 57%. That business has become a bigger part of the company’s story.
The company also raised its full-year adjusted EBITDA guidance to more than $650 million. That outlook helped support the recent run.
Not everyone reads the rally as pure fundamentals. Barron’s noted the move could also reflect meme-stock energy.
GameStop is the original meme stock. In the past, it has surged on online investing forum buzz rather than earnings or valuation.
Market backdrop
The wider market was mixed ahead of the September CPI report. It was due at 8:30 a.m. ET, and U.S. equity futures showed little direction.
New York Fed President John Williams said one more rate hike this year remains appropriate. He added that no further tightening is expected in 2027.
GME closed Tuesday at $27.22, down 0.04%. In pre-market trading on Wednesday, it was up $0.50, or 1.84%, at $27.72.
Chart Analysis
Price is at $27.22, pressing into the $26 to $28 supply zone that capped rallies in Oct 2025 and Apr 2026. It broke the long downtrend line in September and has made higher highs since the $17.80 low, with the old trendline near $23 to $24 now first support. RSI is at 75, overbought, and MACD sits above its signal line, so momentum is intact but stretched.
What to watch: a daily close above $28 opens the door to $34 to $36, while a rejection and a drop below $26 likely sends it back to retest $23 to $24.
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