GameStop Stock Is Surging: What's Going On?

GameStop Corp GME shares are trading higher Tuesday after a SEC filing showed that executive chairman Ryan Cohen increased his stake in the video game retailer.

What Happened: According to a new regulatory filing, Cohen bought 443,842 shares of GameStop at an average price of $22.53 per share on June 9. A separate filing showed that RC Ventures now owns a 12.1% stake in the company. 

The news comes after GameStop stock faced selling pressure last week after the company reported worse-than-expected quarterly results, canceled its conference call and abruptly fired its CEO. 

GameStop announced the termination of former CEO Matt Furlong and said Cohen had been elected as executive chairman of the company to oversee management and capital allocation.

Cohen previously held the role of chairman and originally took a 9% stake in the retailer in mid-2020 before upping his stake months later.

See Also: Insiders Buying GameStop And 2 Other Stocks

GME Price Action: GameStop has a 52-week high of $47.95 and a 52-week low of $15.41.

The stock was up 7.61% at $26.15 at the time of publication, according to Benzinga Pro.

Photo: JJBers from Flickr.