GameStop Stock Hits 52-Week High as Cohen Continues Buying Spree

GameStop Corp (NYSE:GME) shares are trading higher in Tuesday’s after-hours session as CEO Ryan Cohen continues his buying spree. GameStop shares are testing new highs. What’s driving GME to record levels? Cohen Continues Buying GameStop Stock Cohen has disclosed the purchase of 844,130 GameStop shares. The stock was bought in the open market on Tuesday in two separate blocks. Cohen purchased 67,130 shares at $26.75 and another 777,000 shares at $27, bringing his total stake up to approximately 42.49 million shares. The news adds to a string of recent insider buying from Cohen and GameStop directors. The GameStop CEO purchased approximately 1 million shares on Sept. 10 and another 1.15 million shares on Sept. 21. Cohen also purchased a block of 450,000 shares on Sept. 29 and then bought another 700,000 shares on Oct. 2. Tuesday’s filing marks the fifth reported purchase from Cohen in just over a month. Earlier this year, GameStop approved a performance package for Cohen that could have resulted in stock options to purchase approximately 171.5 million shares of GameStop at $20.66 per share. However, the company removed the pay package in a proxy update in June as GameStop focused on a potential acquisition of eBay. See More: Top Momentum Stocks GME Shares Hit 52-Week High GME Price Action: GameStop shares were up 2.13% in extended trading Tuesday, hovering around $27.80 at the time of publication, according to Benzinga Pro. The stock is currently trading at new 52-week highs. .benzinga-widget#bz-embed-widget-block_0c3d1c568214eed4581233b11544aef2 iframe.w-full { width: 100%; } Read Also: Amazon, Walmart Face New AI Shopping Test: Will Chatbots Recommend Them? Image: Shutterstock.com