GameStop CEO Ryan Cohen buys shares worth nearly $23 million

GameStop CEO Ryan Cohen bought about $22.8 million worth of the videogame retailer's shares, a regulatory filing showed on Tuesday, raising his total ownership to 9.1%.

Here are more details:

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