Doubling Down on the Double Down

GameStop Corp. (GME) CEO Ryan Cohen is apparently taking his own advice very seriously. For the second day in a row, Cohen scooped up 500,000 shares of the video game retailer in the open market, according to a fresh SEC filing on Wednesday. The latest purchase, at a weighted average price of $21.60, pushed his total ownership stake to 9.3%—that's roughly 42.08 million shares for those keeping score at home.

GameStop shares responded enthusiastically, climbing over 3% in after-hours trading to $22.34. This mirrors the reaction from Tuesday, when Cohen's first 500,000-share purchase sent the stock higher in extended trading.

Put Your Money Where Your CEO Title Is

Cohen's SEC filing wasn't just a dry regulatory disclosure—it came with some pointed commentary about executive accountability. According to the filing, Cohen believes it's "essential" for any public company CEO to purchase shares in the open market with personal funds "in order to further strengthen alignment with stockholders."

The filing went further, stating: "The Reporting Person believes that any Chief Executive Officer who fails to do so should be fired." Nothing ambiguous about that stance.

The timing is interesting. These purchases come shortly after GameStop unveiled a new compensation package for Cohen in early January that's nothing if not ambitious. The package links Cohen's potential payout to driving GameStop to a $100 billion market cap and achieving $10 billion in cumulative performance EBITDA. If he pulls that off, Cohen could receive stock options to purchase approximately 171.5 million shares at $20.66 per share. The compensation structure is explicitly designed to incentivize "extraordinary growth."

The Roaring Kitty Anniversary Nobody Asked For

GameStop's wild ride started back in 2021, when retail investors on Reddit orchestrated a historic short squeeze that sent shares to stratospheric levels. The movement was led by Keith Gill, better known as "Roaring Kitty," who became the face of the retail trading revolution.

Here's a weird detail: Gill hasn't posted on social media in exactly one year as of Thursday. His last post came on January 22, 2025, featuring a dog sitting outside a pizza shop while Connie Francis's "I Will Wait For You" plays in the background. The dog appears to be waiting for something or someone that never arrives. Make of that what you will.

Trading Activity and Technical Picture

GameStop saw heightened interest on Wednesday, with approximately 8.20 million shares changing hands—well above the average session volume of 5.99 million shares. Cohen has now purchased one million shares over just two trading days, which tends to get people's attention.

From a technical perspective, GameStop is currently trading 5.7% above its 20-day simple moving average but sits 2.4% below its 100-day SMA, suggesting some short-term momentum while facing longer-term resistance. The RSI stands at 46.61, which is neutral territory, while the MACD is above its signal line, indicating a bullish trend. Translation: mixed signals, which pretty much captures GameStop's entire vibe these days.