GameStop Insiders Pile In as Collectibles Boom Rewrites the Playbook

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.

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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.

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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.

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