GameStop shares jump 4% after Ryan Cohen buys 1 million shares
CEO Ryan Cohen purchased 1 million GameStop shares, driving a 4% after-hours rally while the company reported a 57% surge in collectibles sales.
GameStop shares extended gains after hours, rising approximately 4%, following a regulatory filing revealing CEO and Chairman Ryan Cohen bought 1 million shares. Director James Grube also purchased 10,255 shares at $19.12 each, bringing his direct holdings to 39,694 shares valued at roughly $196,075. The insider activity signaled bullish sentiment among investors. In financial results, second-quarter collectibles sales jumped 57% to $356.3 million, accounting for about 45% of total revenue. Net income rose to $298.7 million compared to $168.6 million a year earlier, though overall revenue declined to $790.2 million from $972.2 million. The company adjusted its full-year outlook for EBITDA to more than $650 million, up from the previous forecast of above $600 million.
