Ryan Cohen notched a $600 million gain on hisGameStop bet, thanks to the stock's 50% surge in a week.- Activist investor Cohen boosted his stake in GameStop to 9.1 million by buying 100,000 shares last week.
Ryan Cohen's investment in GameStop has scored gains worth about $600 million in the space of a week as the stock notched its longest win streak in more than a decade.
Shares in the video-game retailer have soared around 50% since the GameStop chairman boosted his stake in the video-game retailer by buying 100,000 shares on Tuesday last week.
Those recent transactions were made at a prices ranging from $96.81 to $108.82 a share, and Cohen spent $10 million in total.
But the bulk of his purchases were made in 2020. Through his investment firm RC Ventures, he spent $76 million to buy 9 million shares by mid-December 2020, SEC filings show.
He now owns 9.1 million shares, or an 11.9% stake in the company. At the closing price last Tuesday, that was worth $1.1 billion.
At GameStop's intraday high of $193.09 a share Tuesday, its value had risen to much as $1.7 billion. That represents a $600 million gain on his investment in five trading sessions.
GameStop closed at $189.35 a share Monday, capping a 10-day streak of wins — its longest since April 2010. The stock is up around 51% in the past week.
The Reddit darling's shares have risen alongside other notable
Analysts say this returning interest to meme stocks points to signs of speculative froth among investors. Some attribute Cohen's stock boost as one reason GameStop is back in the fast lane.
On Monday, Cohen tweeted that he's proud of the GameStop team.
—Ryan Cohen (@ryancohen) March 28, 2022
The chart below shows GameStop's stock rally in the last week: