Ryan Cohen scoops up 100,000 more shares of GameStop, meme stock soars as much as 20% after hours

Ryan Cohen scoops up 100,000 more shares of GameStop, meme stock soars as much as 20% after hours


NurPhoto | NurPhoto | Getty Images

GameStop chairman Ryan Cohen just bought another 100,000 shares of the video game retailer on Tuesday, bringing his ownership to 11.9% as the activist investor tries to push the company into e-commerce.

The meme stock jumped as high as about 20% in after-hours trading Tuesday after a 30% rally during the regular trading session.

Cohen purchased these shares through his investment company RC Ventures at a cost as low as $96.81 and as high as $108.82 apiece, according to a regulatory filing. Now he owns a total of 9,101,000 GameStop shares.

Cohen cofounded pet-supply retailer Chewy and managed to turn it into a booming business. The investor was tapped by GameStop early last year to serve as chairman of a special committee formed by its board to help its transformation.

Soon after his appointment, GameStop experienced a jaw-dropping short squeeze that sent shockwaves across Wall Street. A band of retail investors came together in online chatrooms, encouraging one another to pile into GameStop’s stock and call options to squeeze out short sellers. The stock ended 2021 up more than 680%.

Just two weeks ago, Cohen revealed a big stake in Bed Bath & Beyond and pushed for a turnaround. He wrote a letter to the company board, saying the housewares retailer is struggling to reverse market share losses and navigate supply chain woes.



Source

China’s suppressed crypto demand is spilling over into these stocks
Finance

China’s suppressed crypto demand is spilling over into these stocks

Source

Read More
3 forces driving a record week for stocks as 7 portfolio names hit new highs
Finance

3 forces driving a record week for stocks as 7 portfolio names hit new highs

It’s been a week of records for the U.S. stock market — and for several stocks in the CNBC Investing Club’s portfolio. The S & P 500 jumped to an all-time high of 6,187.68 Friday, while the tech-heavy Nasdaq Composite rose to a new record of 20,311.51. Both benchmark gauges advanced around 4% from last […]

Read More
Stocks making the biggest moves midday: Nike, Uber, Newmont, Trade Desk and more
Finance

Stocks making the biggest moves midday: Nike, Uber, Newmont, Trade Desk and more

Check out the companies making headlines in midday trading Nike — Shares of the sneaker giant jumped about 17% after Nike posted fiscal fourth-quarter results that beat expectations and said it expects profit and sales declines to moderate in the future. Nike said it has already taken its biggest financial hit from its turnaround efforts, […]

Read More