GameStop (GME) shares moved firmly higher Tuesday following a Securities and Exchange Commission filing showing that chairman Ryan Cohen has increased his stake in the video game retailer.
Cohen, who has served as chairman of the Grapevine, Texas-based group for nearly two years, added 443,842 shares to his stake late last week, the SEC filings indicated, at a price of between $22.2485 and $22.9072 per share.
The share purchases, valued at around $10 million, will take his stake in the group -- held through RC Ventures -- to around 12% and came within days of GameStop's wider-than-expected first quarter loss of 14 cents per share, as well as news that CEO Matt Furlong was fired from his post after less than two years.
Both headlines loped billions from the group's market value and sent the stock to the lowest levels in more than a month.
GameStop also said it would not be holding a conference call with investors to discuss its first quarter earnings, but said it would explore further "strategic options", including further store closings and the exit of unprofitable businesses, over the coming months.
GameStop shares were marked 10.1% higher in early Tuesday trading to change hands at $26.76 each.
