Why These 2 CEOs Just Bought Millions in Their Own Stocks
Two CEOs filed the same rare SEC disclosure on the same day, each spending their own money to buy shares in their own company without a prearranged trading plan. What they signaled about GameStop and Uber deserves a closer look…
On September 10, 2026, two sitting chief executives filed SEC Form 4 disclosures reporting the same rare event: an open-market purchase of their own company’s stock, funded with their own money. Ryan Cohen bought GameStop (NYSE:GME | GME Price Prediction) shares, and Dara Khosrowshahi bought Uber Technologies (NYSE:UBER) shares. On both filings, the box indicating the trade was executed under a prearranged Rule 10b5-1 trading plan was left unmarked, which means these were discretionary decisions.
What Transaction Code P Actually Signals
The vast majority of insider filings are sales, restricted-stock vests, and option exercises. Sells often carry a routine explanation (tax withholding, diversification, a plan set months earlier). On Form 4, transaction code P, an open-market purchase, is the one insider action with no routine explanation. When the 10b5-1 affirmative-defense checkbox is unmarked, as it was on both filings dated September 10, 2026, the executive is choosing to buy at that specific price, on that specific day, with material non-public information restrictions still applying.
Cohen Steps Into a Rebounding GameStop
Cohen, reporting as director, president, CEO, and board chair of GameStop, acquired 1,000,000 shares of Class A common stock at $20.3759, held directly. Barron’s characterized the buy at roughly $20 million. Director Alain Attal also bought 5,000 shares at $20.00 the same day.
GameStop closed most recently at $21.15 per share. The stock is up 10.0% over one week, 12.4% over one month, and 5.3% year to date. However, the share price is 14.9% lower over one year and down 55.6% over five years. The fundamental setup Cohen bought into: Q2 FY2026 collectibles revenue surged 57% year over year to $356.3 million, adjusted EBITDA more than doubled to $174.0 million, and management raised FY2026 adjusted EBITDA guidance to more than $650 million.
Khosrowshahi Buys Into a Drawdown at Uber
Khosrowshahi, as director and chief executive of Uber, acquired 141,000 shares of common stock at $70.9642, held directly.
Uber closed at $71.67, which is down 5.7% in one week, 8.8% over one month, 12.3% year to date, and 24.3% in the past year. However, over five years the stock has gained 79.7%. The underlying business remains strong: Q2 FY2026 gross bookings rose 24% year on year to $58.02 billion on 3.9 billion trips, and Q3 guidance points to non-GAAP EPS of $0.84 to $0.88 (28% to 35% growth). Sell-side coverage remains constructive, with a consensus target price of $101.21.
Same Signal, Two Different Price Setups
Of these two CEOs, only Cohen bought into a name that had already turned up. While the discretionary code P purchases disclosed on September 10, 2026, are identical, everything else about the two situations differs: valuation, sell-side positioning, momentum, and the reason each stock sits where it does. Barron’s noted that Wall Street’s reaction to the Cohen buy was muted, headlining that Wall Street “doesn’t blink.” That is a useful reminder that an insider purchase is just one input.
How to Read an Insider Buy Before Acting on It
Three checks matter before a retail investor treats any code P filing as actionable. First, size relative to the insider’s existing stake: a token buy from a founder who already owns tens of millions of shares carries less signal than the same dollar amount from a professional CEO with a small position. Second, whether the filing is one-off or part of a pattern. Readers should verify prior filings directly rather than assume repeat behavior. Third, whether the business case stands on its own numbers.
Should a reader act on these two buys? Probably not. While a discretionary insider purchase signals alignment between the executive and shareholders, it offers no predictive claim about future price. Investors should use it as a prompt to do the work on GameStop’s collectibles pivot and Uber’s mobility and delivery economics.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, moderating workshop sessions at regional conventions.
