GameStop Corp. (NYSE:GME) stock climbed more than 4% Thursday as investors weighed recent insider purchases and positioned ahead of an approaching warrant expiration deadline.

The stock outperformed the broader market as the Nasdaq fell 1.59% and the S&P 500 declined 0.67%.

Insider Buying Fuels Investor Interest

GameStop has attracted attention following a series of stock purchases by CEO Ryan Cohen and other company directors.

Cohen purchased 700,000 shares for approximately $17.1 million on Oct. 2. The transaction followed several multimillion-dollar purchases in September.

Director Nat Turner also purchased 10,462 shares on Oct. 1, while fellow director Lawrence Cheng acquired 55,000 shares in September.

The purchases may signal management's confidence in GameStop's long-term prospects. However, insider buying does not guarantee future stock gains.

October Warrant Deadline Draws Attention

Investors are also watching GameStop's Oct. 30 warrant expiration deadline.

The company distributed warrants to eligible shareholders in October 2025, granting one warrant for every 10 shares held as of the record date.

Each warrant allows holders to purchase one GameStop common share for $32 before expiration.

However, GameStop shares remain below the $32 exercise price. As a result, exercising the warrants at current prices would be less attractive than purchasing shares directly in the market.

Under the warrant terms, any warrants that remain unexercised at the Oct. 30 expiration deadline will expire worthless. The approaching expiration could draw increased trading interest.

Technical Analysis

GameStop shares are trading 7.6% above their 20-day simple moving average (SMA) of $23.61 and 13.9% above their 200-day SMA of $22.31.

The stock is also approaching its 52-week high of $26.88, putting the $27 level in focus as a potential resistance point.

Meanwhile, the 20-day SMA remains above the 50-day SMA, suggesting improving short-term momentum. However, the 50-day SMA remains below the 200-day SMA following a death cross in June.

The moving average convergence divergence (MACD) indicator is above its signal line, with a positive histogram. This suggests strengthening bullish momentum.

Traders may watch $27 as the next resistance level, while $21.50 represents a potential longer-term support area.

GME Stock Price Action

GME Price Action: GameStop shares were up 4.31% at $25.64 at the time of publication on Thursday, according to market data.