GameStop (GME) shares climbed about 4% on Tuesday after the company disclosed that CEO Ryan Cohen had bought roughly 1.1 million shares for a total of $26 million.
According to Yahoo Finance, GameStop stock has gained about 30% over the past month. Cohen’s latest purchase was seen by the market as another sign of management confidence in the company’s outlook.
The shares have also recovered after GameStop reduced $1.4 billion in debt by swapping bonds for company stock instead of paying cash.
GameStop also posted higher profit in its latest quarter. The report said the company’s bottom line was supported in part by its stake in eBay (EBAY).
Earlier this year, GameStop made an unsolicited $56 billion bid to acquire eBay, but the online marketplace later rejected the offer.
