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Takeaways
- GameStop’s stock rose on Friday after a regulatory filing revealed that CEO Ryan Cohen had increased his stake in company.
- The filing stated that Cohen now owns approximately 8.4% of GameStop.
- GameStop announced the move after adding bitcoin to their corporate investment policy in December.
GameStop’s (GME) stock soared Friday after a regulatory filing revealed CEO Ryan Cohen had purchased 500,000 shares in the company.
Cohen bought the shares at an average price on Thursday of $21.55, which increased his stake to more than 37,000,000 shares, or about 8.4%.
GameStop shares rose by 11% on Friday, closing at $23.49 from $21.10 the day before. The gains came as markets around the world fell sharply. (Read Investopedia’s coverage of today’s trading here.
The purchase was made a little more than a week after GameStop announced its fourth-quarter earnings and added bitcoin to their corporate investment policy.
The former meme stock, which accounted for Friday’s gains, has lost around a quarter of its current value this year. Still, it's more than doubled over the past 12 months.
