TLDR
- GameStop (GME) stock traded near $27.72 pre-market Wednesday, up about 2% from Tuesday’s $27.22 close.
- CEO Ryan Cohen bought 844,130 Class A stock on Oct. 13 for about $22.8 million.
- It was his fifth purchase since Sept. 10, with total buying above $99 million.
- The daily chart shows price testing a $26 to $28 supply zone, with RSI near 75.
- A daily close above $28 would open the way toward $34 to $36.
GameStop (GME) stock traded near $27.72 in pre-market on Wednesday, up about 2% from Tuesday’s close of $27.22. That puts it on pace for its highest close since June 2025, according to Dow Jones Market Data.
A Form 4 filing showed CEO Ryan Cohen bought 844,130 Class A common stock on Oct. 13. He paid between $26.75 and $27.00, spending about $22.8 million.
Cohen now holds about 42.5 million GameStop stock directly. That is roughly 10% of the public float.
This was his fifth purchase since Sept. 10. It followed a $17.1 million buy earlier in October.
His total buying now tops $99 million since September. That is a lot of cash to put behind one ticker.
GME chart analysis
On the daily chart, GME is pressing into a supply zone between $26 and $28. That area capped rallies in October 2025 and April 2026. The stock broke a long downtrend line in September and has made higher highs since its $17.80 low.
The old trendline near $23 to $24 is now first support. RSI is near 75, which is overbought, after peaking near 85 in September. MACD sits above its signal line, so momentum is intact but stretched.
What to watch: a daily close above $28 clears the zone and opens the door to $34 to $36. A rejection and a drop below $26 could send it back to retest $23 to $24.
Earnings and market backdrop
Cohen said earlier this year it was “essential” for bosses of public companies to buy stock. He said it helps “further strengthen alignment with stockholders.”
GameStop reported record second-quarter operating income. Collectibles revenue rose 57%.
The company also raised its full-year adjusted EBITDA guidance to more than $650 million. That outlook has backed the recent climb.
Barron’s noted the rally could also reflect meme-stock energy. GameStop has surged before on online forum buzz rather than earnings.
The wider market was mixed ahead of the September CPI report, due at 8:30 a.m. ET. U.S. equity futures showed little direction.
New York Fed President John Williams said one more rate hike this year remains appropriate. He added that no further tightening is expected in 2027.
GME closed Tuesday at $27.22, down 0.04%. In pre-market trading Wednesday it was up $0.50, or 1.84%, at $27.72.
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