Investing.com -- GameStop Corp (NYSE: GME) shares advanced 4% on Wednesday following a regulatory disclosure showing that Chief Executive Officer Ryan Cohen expanded his equity stake in the video game retailer through an open-market purchase. The insider buying signals continued commitment from leadership as the company navigates its ongoing operational transition.

According to a Form 4 filed with the Securities and Exchange Commission, Cohen acquired 450,000 Class A common shares on Tuesday for a total consideration of approximately $10.6 million. The transactions were executed in two blocks, comprising 446,500 shares at a weighted-average price of $23.4753 and an additional 3,500 shares at $23.4499 per share.

The latest acquisition builds on Cohen’s previous purchase disclosed earlier in the month, when the executive bought 1,150,680 shares at an average price of $22.9375 per share for roughly $26.4 million. Following the most recent open-market transaction, Cohen directly owns 40,948,522 Class A common shares of the Grapevine, Texas-based retailer.

Insider purchases of this scale are frequently viewed by market participants as a strong vote of confidence in a company’s fundamental value and strategic direction.

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