Last week was a dizzying one for GameStop (GME) and its investors. After missing revenue expectations for Q1 2023, the company fired former CEO Matt Furlong and canceled its quarterly earnings call. Chairman Ryan Cohen has temporarily stepped into the CEO role, reaffirming his commitment to GameStop’s long term success. Now, Cohen has raised his ownership stake in GameStop through his RC ventures company.
RC Ventures, which Ryan Cohen is the founder of, has filed its new acquisition of GameStop (GME) stock to the SEC. The transaction officially went down on June 9, and saw Cohen scoop up 36,847,842 shares at the price of $22.25/share, and 190,638 shares at $22.91/share. After acquiring a total of 443,842 shares on Friday, Ryan Cohen now owns 36,847,842 shares of GameStop.
After the news of Ryan Cohen gobbling up hundreds of thousands of more GameStop shares, the company’s stock was up. After being as low as $25.07/share at 10:45 a.m. ET today, GameStop’s value has climbed as high as $27.56/share. It’s helped the company make up some last ground after its stock sank heavily less than a week ago.
Ryan Cohen is currently serving as GameStop’s CEO, though he has made it clear that will only last until the company finds someone else to take on the position long term.
It’s an interesting move from Cohen, especially given everything that went down last week. While GameStop missing revenue expectations was likely enough to leave investors dissatisfied, the company’s firing of its CEO and abrupt cancelation of its earnings call less than an hour before it was scheduled to start probably did the trick. Be sure to visit our GME topic page for the most intriguing stories and updates in the world of GameStop.