GameStop directors follow the leader and snap up stock amid Cohen’s $10.8 million buy

GameStop CEO Ryan Cohen’s $10.8 million purchase of company stock on April 3 set the tone for some of the video game retailer’s other executives.

A Thursday filing showed that Director Alain Attal spent over a quarter million dollars yesterday to buy 10,000 shares at $25.75. Director Larry Cheng also purchased 5,000 GameStop shares on the same day, at nearly exactly the same price, according to a filing.

The insider buying is exciting retail traders on the Superstonk subreddit, which is dedicated to discussion of GME. Shares are up more than 3% on Friday, while a basket of stocks beloved by retail traders compiled by Goldman Sachs is modestly lower on the day.

Reddit post — (Screenshot via reddit/r/Superstonk)

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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