Back-to-Back Buying

When it comes to putting his money where his mouth is, Ryan Cohen isn't messing around. The GameStop Corp. (GME) CEO scooped up another 500,000 shares in Wednesday's open market, mirroring an identical purchase he made just one day earlier. According to a fresh SEC filing, Cohen paid a weighted average price of $21.60 per share, bringing his total ownership stake to 9.3% and roughly 42.08 million shares.

This marks the second consecutive day of half-million-share purchases by Cohen, and investors are taking notice. GameStop shares climbed in after-hours trading on both Tuesday and Wednesday following the disclosures. Tuesday's buy had already pushed Cohen's stake from around 9% to 9.2%, and Wednesday's follow-up keeps the momentum rolling.

But here's the interesting part: Cohen isn't just buying stock because he likes the price. The SEC filing includes some pretty blunt commentary about CEO behavior. Cohen stated that he believes it's "essential" for any public company CEO to purchase shares in the open market with personal funds to "further strengthen alignment with stockholders." The filing goes even further, noting that "The Reporting Person believes that any Chief Executive Officer who fails to do so should be fired."

That's not exactly subtle messaging to the broader executive community.

The $100 Billion Incentive

These purchases come shortly after GameStop unveiled a new compensation package for Cohen in early January. The structure is ambitious, to put it mildly. It's tied to Cohen's ability to drive GameStop to a $100 billion market cap while achieving $10 billion in cumulative performance EBITDA. If he hits those targets, Cohen could receive stock options to purchase approximately 171.5 million shares at $20.66 per share. The package is explicitly designed to incentivize what GameStop called "extraordinary growth."

Given that context, Cohen's consecutive open market purchases take on additional significance. He's not just talking about aligning with shareholders—he's actively demonstrating it with his own capital.

The Roaring Kitty Anniversary

GameStop's wild ride in 2021 remains one of the most memorable moments in retail investing history. The stock peaked during a historic short squeeze sparked by retail investors congregating on Reddit, with Keith Gill—better known as "Roaring Kitty"—emerging as the movement's most prominent figure.

It's worth noting that as of Thursday, it will be exactly one year since Gill's last social media post on January 22, 2025. That post featured a dog sitting outside a pizza shop while Connie Francis's "I Will Wait For You" played in the background. The dog appeared to be waiting for something or someone that never arrived. Make of that what you will.

Trading Activity Heats Up

Wednesday's trading session saw approximately 8.20 million shares of GameStop change hands, well above the average daily volume of 5.99 million shares. Cohen's million-share buying spree over two days has clearly rekindled investor interest.

GME Price Action: GameStop shares were trading up 3.02% in after-hours at $22.34 as of Wednesday's close.

From a technical perspective, GameStop is trading 5.7% above its 20-day simple moving average but remains 2.4% below its 100-day SMA, suggesting short-term strength with longer-term resistance still in play. The RSI sits at 46.61—neutral territory—while the MACD is above its signal line, indicating bullish momentum. It's a mixed technical picture that reflects the stock's ongoing volatility.