GameStop Stock Has Been on a Tear. Now We Know Why

GameStop Stock Has Been on a Tear. Now We Know Why

GameStop stock has been on an absolute tear over the past seven days—and now we know why. Chairman Ryan Cohen snapped up 100,000 more shares in the meme stock, according to a regulatory filing late Tuesday, taking his holding up to 11.9%.

The purchase was made through Cohen’s RC Ventures LLC Vehicle and takes his holding up to 9,101,000 shares.

“I put my money where my mouth is,” Cohen said via Twitter.

GameStop stock has gained 58% from a close of $78.11 on March 14 to Tuesday’s close of $123.14. The stock was up another 14.5% on Wednesday to $141.00, which put it up 81% from its March 14 low. GameStop stock has fallen 3.8% to $135.69 in premarket trading Thursday.

Videogame retailer GameStop (ticker: GME) was the original meme stock, and one of the best performers of 2021. Its run ended up lifting other meme stocks, including AMC Entertainment (AMC), and Bed Bath & Beyond (BBBY). It did the same on Wednesday, when AMC gained 14%.

Cohen, a big investor and activist who co-founded online pet-supplies retailer Chewy (CHWY), joined GameStop’s board in January 2021. He became chairman last June.

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Original Source :marketwatch.com

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