GameStop Corp (NYSE:GME) shares are rising in extended trading Wednesday after CEO Ryan Cohen made another open market purchase of company stock.

• GameStop stock is gaining positive traction. What’s pushing GME stock higher?

Cohen Goes Back To Back

Cohen purchased 500,000 shares of GameStop stock in the open market on Wednesday, mirroring the purchase he made in the open market on Tuesday, according to a new filing with the SEC.

GameStop shares rose in after-hours on Tuesday after Cohen disclosed the share purchase, bringing his total stake in the video game retailer up to 9.2%. Shares are up again in extended trading on Wednesday after Cohen disclosed another 500,000 share purchase at a weighted average price of $21.60, increasing his stake to 9.3%.

The GameStop CEO now owns approximately 42.08 million shares of GameStop stock.

The filing states that Cohen purchased the stock because he believes it’s “essential” for the CEO of any public company to purchase shares in the open market with personal funds “in order to further strengthen alignment with stockholders.”

“The Reporting Person believes that any Chief Executive Officer who fails to do so should be fired,” the filing states.

The open market purchases come after GameStop unveiled a fresh compensation package for Cohen in early January, linked to his ability to drive GameStop to a $100 billion market cap and achieve $10 billion in cumulative performance EBITDA.

Cohen could potentially receive stock options to purchase approximately 171.5 million shares of GameStop at $20.66 per share under the new package, which is designed to incentivize the GameStop CEO to “achieve extraordinary growth.”

GameStop shares peaked in 2021 following a historic short squeeze that was sparked by retail investors on Reddit, led by Keith Gill, also known as “Roaring Kitty.” It’s worth noting that Gill has not posted on social media in exactly one year as of tomorrow. His last post came on Jan. 22, 2025.

The January 2025 post from Gill features a dog sitting on a sidewalk outside of a pizza shop. The song "I Will Wait For You," sung by Connie Francis, plays throughout as the dog appears to be waiting for something or someone that never shows up.

GameStop Shares See Increased Activity

GameStop stock saw approximately 8.20 million shares change hands on Wednesday, well above the average session volume of 5.99 million shares, as investor attention returned following Cohen’s open market purchase of 500,000 shares. Cohen has now purchased one million shares of company stock over the past two trading days.

GME Price Action: GameStop shares were up 3.02% in after-hours, trading at $22.34 at the time of publication on Wednesday, according to Benzinga Pro.

GameStop is currently trading 5.7% above its 20-day simple moving average (SMA) but is 2.4% below its 100-day SMA, indicating some short-term strength while facing longer-term resistance.

The RSI stands at 46.61, which is considered neutral territory, while the MACD is above its signal line, indicating a bullish trend. The combination of a neutral RSI and a bullish MACD suggests mixed momentum, reflecting the stock’s current volatility.

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