The asset-management giant has grown its stake in videogame retailer and original meme stock
The Vanguard Group Inc. has increased its position in GameStop Corp., according to a 13-F filing, with the asset-management giant's stake in the videogame retailer now surpassing that of GameStop Chief Executive Ryan Cohen's RC Ventures.
Vanguard, which was already GameStop's top institutional investor, now has 37,108,031 shares, or an 8.7% stake, in the popular meme stock, according to the filing with the Securities and Exchange Commission. Vanguard's previous position was 29,698,579 shares, or a 6.87% stake.
Cohen's RC Ventures has 36,847,842 shares, according to an SEC filing in June, representing a 8.64% stake in the company.
GameStop shares surged recently on no apparent news, before snapping a five-day winning streak on Tuesday. The stock ended Wednesday's session down 1.4% and saw trading volume of 18.38 million shares, above its 65-day average of 8.78 million shares.
The videogame retailer hasn't issued a press release since Oct. 15, when it announced a collaboration with trading-card and autograph authenticator and grading service Collectors.
Cohen, who endorsed Donald Trump in the presidential election, was named GameStop's CEO in September 2023. Last December, GameStop's board of directors approved a new investment policy permitting the company to invest in equity securities, among other investments. The board gave Cohen the authority to manage the investment portfolio.
GameStop (GME) shares are up 50.9% in 2024, outpacing the S&P 500 index's SPX gain of 25.5%.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.