GameStop directors follow the leader and snap up stock amid Cohen’s $10.8 million buy
GameStop CEO Ryan Cohen’s $10.8 million purchase of company stock on April 3 set the tone for some of the video game retailer’s other executives.
A Thursday filing showed that Director Alain Attal spent over a quarter million dollars yesterday to buy 10,000 shares at $25.75. Director Larry Cheng also purchased 5,000 GameStop shares on the same day, at nearly exactly the same price, according to a filing.
The insider buying is exciting retail traders on the Superstonk subreddit, which is dedicated to discussion of GME. Shares are up more than 3% on Friday, while a basket of stocks beloved by retail traders compiled by Goldman Sachs is modestly lower on the day.