Ryan Cohen Keeps Paying Up for GameStop Stock, and He Is Not Buying Alone
Ryan Cohen has been paying a higher price for GameStop shares with every single purchase this September, and three directors followed him in doing the same. What the insiders know, and what could prove them wrong, sits inside the filings.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Insider money at the retailer is bullish, and it is getting more aggressive as the price rises. GameStop (NYSE:GME | GME Price Prediction) President, CEO and Chair Ryan Cohen bought again on September 29, 2026, extending a run of open-market purchases through September. The filing carries no indication that the trades were made under a Rule 10b5-1 trading plan.
A Form 4 is the filing an officer, director, or major holder submits to the U.S. Securities and Exchange Commission (SEC) after trading company stock, and transaction code “P” marks an open-market purchase at current prices. A 10b5-1 plan schedules trades months ahead. Without one, each purchase reflects a discretionary decision made with that day’s price in full view.
Cohen Paid More Every Time He Bought
Cohen bought 1,000,000 shares on September 10, 2026, at $20.3759. On September 21, 2026, he added 1,150,680 shares at $22.9375. On September 29, Cohen bought 446,500 shares at $23.4753. He also bought 3,500 shares that day at $23.4499, leaving him with 40,948,522 shares held directly.
Each purchase date came at a higher price than the one before, and averaging up is a stronger conviction signal than buying a dip, because no it-got-cheap explanation exists. The buying followed a second-quarter report showing revenue of $790.2 million against a $756.85 million consensus analyst estimate. Collectibles sales were up 57% to $356.3 million, and gross margin expanded to 43.7% from 29.1%. Anyone following him today pays more, as shares traded at $24.36 in the October 1 premarket, above every price he paid.
Three Directors Bought Alongside Him
Director Lawrence Cheng bought 55,000 shares on September 8, 2026, at $18.7992. Director James Grube added 10,255 shares on September 9, 2026, at $19.12. Alain Attal, another director, bought 5,000 shares at $20.00 on September 10, then returned on September 21 for 17,500 shares at $22.969, averaging up just as Cohen did.
Across the quarter, the only insider sale on file was a 3,957-share disposal by General Counsel and Secretary Mark Haymond Robinson on July 6, 2026, at $22.621. A near-unanimous buy side carries far more weight than one executive acting alone.
Shares Have Run Hard, Yet Five-Year Losses Remain
The stock has gained 1.9% over the past week, 34.9% over one month from $18.38, and 22.8% year to date. The longer view is harsher: shares are down 9.6% over one year and 43.8% over five years.
Cohen knows the market reads his purchases, so buying his own stock is partly a signaling act. He has also bought repeatedly over many years, making September’s buying consistent behavior rather than a fresh judgment. Insider buying reflects what insiders believe, which is not a guarantee of what the stock will do next.
What Would Prove the Insiders Wrong
The fundamentals support the insiders. Adjusted EBITDA rose to $174.0 million from $75.7 million. Management raised its full-year adjusted EBITDA outlook to more than $650 million, and the company holds $4.85 billion in cash and equivalents. Those figures support the insiders’ thesis.
Three developments would falsify the thesis:
- A cut to that EBITDA outlook
- Collectibles growth stalling in the next earnings report
- A Form 4 with code “S” from Cohen or any September buyer.
Also keep an eye on the $32.00 warrants expiring October 30, 2026; with shares below that strike, the potential $1.9 billion in proceeds stays unrealized. The insider signal is reliable, but new buyers enter above every price the board paid.
Contact [email protected] for any questions or corrections.
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.
