GameStop Insiders Pile In as Collectibles Boom Rewrites the Playbook

GameStop CEO Ryan Cohen bought 1,150,680 Class A shares for about $26.4 million, lifting his direct stake to 40,498,522 shares.

Ryan Cohen has gone shopping again — and this time he brought company. The GameStop chairman, president and CEO picked up 1,150,680 Class A shares yesterday at a volume-weighted average price of $22.9375, a transaction worth roughly $26.4 million. The purchase lifts his direct stake to 40,498,522 shares.

Director Alain Attal joined in, acquiring 17,500 Class A shares at an average of $22.969 for about $402,000. His directly held position now stands at 618,964 shares.

The buying didn't start this week. Cohen had already snapped up 1,000,000 Class A shares on September 10 at an average of $20.3759, shelling out approximately $20.4 million. Attal matched him that same day with 5,000 shares at a flat $20.00. Regulatory filings confirm these were open-market purchases rather than executions under a Rule 10b5-1 automated trading plan.

A Buying Wave With Deep Roots

The insider activity actually traces back to the quarterly report. Director James Grube grabbed 10,255 shares at $19.12 on September 9, bringing his direct holdings to 39,694. A day earlier, director Lawrence Cheng, through Cheng Capital LLC, invested in 55,000 shares at an average of $18.80, expanding his indirectly held position to 143,000.

Those purchases followed second-quarter results for fiscal 2026, the period ending August 1, 2026. GameStop reported net sales of $790.2 million, down from $972.2 million a year earlier. The revenue decline didn't stop the bottom line from improving: net income climbed to $298.7 million from $168.6 million, or $0.51 per share. Operating income hit $160.2 million — a record for any second quarter — while adjusted EBITDA came in at $174.0 million.

Collectibles did the heavy lifting. Net sales in that category jumped 57% year over year to $356.3 million, accounting for 45.1% of total net sales. The video game segment, by contrast, lost ground.

Guidance Raised, Stores Reopened

Management raised its full-year outlook alongside the results on September 8, lifting the adjusted EBITDA target for fiscal 2026 to more than $650 million from a previous goal of more than $600 million. That upgraded forecast set the stage for the insider purchases that have since accelerated.

On the physical retail front, GameStop began reopening selected previously shuttered U.S. locations on September 11, including a store in Brooklyn, Ohio.

The stock has responded. In European trading today, the shares advanced 4.2% to EUR 20.70 — other quotes showed a 4.1% gain to EUR 20.68 — leaving the price about 38% above its 52-week low.