GameStop (NYSE: GME) Chair, President, and CEO Ryan Cohen has extended a run of open-market purchases through September 2026, paying a higher price with each successive transaction.
Cohen bought 1,000,000 shares on September 10, 2026, at $20.3759, then added 1,150,680 shares on September 21 at $22.9375, before returning on September 29 to purchase 446,500 shares at $23.4753.
He also acquired 3,500 additional shares that same day at $23.4499, bringing his directly held position to 40,948,522 shares following the latest round of buying.
None of the filings carry any indication that the trades were executed under a Rule 10b5-1 plan, meaning each purchase reflects a discretionary decision made with that day’s price in full view.
Averaging up carries a stronger conviction signal than buying a dip, because no straightforward “it got cheap” rationale applies when an executive repeatedly pays more than he did the time before.
Three directors reinforced the insider buying trend during the same stretch, with Lawrence Cheng acquiring 55,000 shares on September 8 at $18.7992, James Grube adding 10,255 shares on September 9 at $19.12, and Alain Attal purchasing 5,000 shares at $20.00 on September 10.
Attal then returned on September 21 to buy another 17,500 shares at $22.969, averaging up in exactly the same manner as Cohen did across the quarter.
The only insider sale on record during the period was a 3,957-share disposal by General Counsel and Secretary Mark Haymond Robinson on July 6, 2026, at $22.621, leaving the quarter’s insider activity nearly unanimous on the buy side.
The buying follows a second-quarter earnings report that showed revenue of $790.2 million against a consensus analyst estimate of $756.85 million, with collectibles sales surging 57% to $356.3 million and gross margin expanding to 43.7% from 29.1%.
Adjusted EBITDA climbed to $174.0 million from $75.7 million, and management raised its full-year adjusted EBITDA outlook to more than $650 million, with the company holding $4.85 billion in cash and equivalents on its balance sheet.
The stock has gained 34.9% over one month from $18.38 and 22.8% year to date, though the five-year picture remains challenging with shares still down 43.8% over that longer horizon.
Shares were trading at $24.36 in the October 1 premarket session, above every price Cohen and the three directors paid during their September buying campaign.
Investors watching the insider signal should also monitor $32.00 warrants set to expire on October 30, 2026, which remain out of the money with shares trading below that strike, leaving a potential $1.9 billion in proceeds unrealized.
Three developments could falsify the insiders’ bullish thesis: a cut to the full-year EBITDA outlook, a stalling of collectibles growth in the next earnings report, or a Form 4 filing carrying transaction code “S” from Cohen or any of the September buyers.
