Why GameStop Stock Is Popping Today
The stock of video game retailer GameStop (NYSE: GME) popped on Tuesday after filings revealed that major shareholder Ryan Cohen has increased his stake in the company. Over the past several months, GameStop has gained as Cohen has built his position. The stock was up 23% as of noon EST.
Cohen was the co-founder of Chewy, a successful pet e-commerce company that's thrived in Amazon's shadow. And his RC Ventures thinks the same can happen with GameStop. In a Nov. 16 letter to management, Cohen called for a strategic review to help the company transition from a brick-and-mortar retailer to a technology company.
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Source Fool.com
