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Cohen bought 844,130 shares between $26.75 and $27 apiece, increasing his stake to 46.2 million shares
This marks Cohen’s second purchase of GameStop stock this month. He bought $17.1 million worth of shares, according to an SEC filing on October 2
Analysts generally view insider purchases as a sign that executives are confident in a company’s prospects and believe its shares are undervalued
Earlier this year, GameStop sought to acquire eBay, roughly four times its market value, for about $56 billion. EBay rejected the offer as “neither credible nor attractive”
In August, Bloomberg news reported that Cohen was considering abandoning his pursuit of eBay and instead pursuing a partnership or joint venture with the ecommerce major
GameStop’s shares have risen 35.6% so far this year
