GameStop CEO Ryan Cohen filed a Form 4 on October 2 showing he bought 700,000 shares of the company's Class A stock on the same day at $24.41 per share. The trade cost him roughly $17.1 million out of pocket. It was a discretionary open-market purchase, the strongest signal an insider can send.
Cohen also filed an amended Schedule 13D on the same day, updating his activist stake. He already owned a substantial chunk of the company before this purchase. The 13D/A means his disclosed position now reflects the addition. As with all 13D filings, the stake figure is as last disclosed and may have changed further since.
GameStop's short interest sits at 6.5% of free float, according to ORTEX data. Days to cover stands at around 8. A large insider buy on this name draws attention given its history as a short-squeeze target.
The stock is up around 20% year-to-date. Analysts remain broadly negative, with consensus pointing to a return potential of negative 44%. Cohen's buy runs directly against that view.
Separately, ORTEX alt data shows Wikipedia views for PLGO, Pelagos Insurance Capital, spiked 10 standard deviations above its own history on September 21. Retail attention spikes like that sometimes precede sharp price moves. Pelagos carries a short interest of 7% of free float and a market cap of just over $2 billion.
No other C-level open-market purchases above $1 million were reported in the US in the past week that matched the scale of Cohen's transaction.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
