A $26 Million Reason Why GameStop Stock Is Up Today

A $26 Million Reason Why GameStop Stock Is Up Today

Wajeeh Khan

Tue, September 22, 2026 at 11:16 PM GMT+3 2 min read

• GME +0.71%

• GME31248-USD -3.84%

GameStop (GME) closed meaningfully higher on Tuesday after chairman and CEO Ryan Cohen confirmed that he recently loaded up on company shares. According to the latest Form 4 regulatory filing, Cohen has invested another $26.4 million in GME, adding another 1.15 million of its Class A shares to his portfolio.

Following today's gains, GameStop stock is up about 20% versus the start of this year.

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Significance of Cohen's Purchase for GameStop Stock

Cohen's direct open-market purchase of more than one million shares at a weighted average price of $22.94 reinforces a strong vote of confidence in GameStop's long-term trajectory. Unlike routine executive stock grants, such transactions featuring personal capital carry significant weight on Wall Street.

This trade raised the CEO's personal holdings past 40.4 million shares — roughly a 9% stake — and continues a broader trend of insider accumulation following recent buys from board member Alain Attal, James Grube, and Lawrence Cheng.

That said, GME shares' relative strength index (RSI) climbed into the early 80s today, indicating they are now overbought, a technical setup that often triggers a near-term selloff.

Should You Load Up on GME Shares Too?

While recent insider buys are inherently encouraging, caution is nonetheless warranted in playing GameStop shares at current levels.

Why? Because the company's so-called turnaround relies heavily on aggressive expansion into high-margin collectible sales — a step change from its legacy focus on video gaming merchandise.

Plus, the strategic moves, including a Bitcoin (BTCUSD) treasury and an eBay (EBAY) proposal, highlight ambitious capital deployment goals that introduce heightened volatility.

Note that institutional investors, as of this writing, own just 29% of GME, which is another major red flag for risk-averse investors; lower institutional ownership often suggests traditional asset managers lack conviction in the firm's core business model and long-term earnings potential.

GameStop Doesn't Receive Wall Street Coverage

Finally, GME stock does not currently receive coverage from Wall Street analysts either.

An absence of independent professional vetting leaves investors flying blind without standardized financial modeling, earnings forecasts, or price targets to judge whether the stock is fairly valued.

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com