Recent regulatory filings reveal that Vanguard Group, an asset management giant, has increased its stake in GameStop (GME, Financial), overtaking the holdings of the company's CEO, Ryan Cohen, through RC Ventures. According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Vanguard now owns 37,108,031 shares of GameStop, representing 8.7% of the company's shares. Previously, Vanguard held 29,698,579 shares, accounting for 6.87%, already making it GameStop's largest institutional investor.
In contrast, Cohen's RC Ventures holds 36,847,842 shares, which equals 8.64% of the company. Recently, GameStop's stock price has surged without any apparent news, ending a five-day winning streak. On Wednesday, the stock closed down 1.4% with a trading volume of 18,380,000 shares, significantly higher than the 65-day average of 8,780,000 shares.
The video game retailer has not issued any press releases since October 15, when it announced a collaboration with Collectors, a company specializing in trading cards, signature verification, and grading services. Cohen, an advocate for Donald Trump in the presidential elections, was appointed CEO of GameStop in September 2023. In December of the previous year, the GameStop board approved a new investment policy allowing the company to invest in equity securities and authorized Cohen to manage the investment portfolio.
So far this year, GameStop's stock price has risen by 50.9%, surpassing the S&P 500 Index's gain of 25.5%.
