GameStop gains after CEO Cohen boosts stake

GameStop GME.N shares up 3% at $21.73, a two-week high, on Weds after CEO Ryan Cohen boosted his stake in the video game and collectibles retailer

Cohen on Tues purchased 500,000 shares in multiple transactions at an avg weighted price of about $21.12 for total value of about $10.6 mln, per a regulatory filing

With direct ownership of ~37.8 mln shares, or 8.45% of total GME shares outstanding, Cohen is the second-largest holder, trailing just Vanguard

The struggling Grapevine, Texas-based firm earlier this month unveiled a performance-based compensation plan for Cohen worth ~$35 bln

Cohen's package, if approved, would grant him options to purchase more than 171.5 mln GME shares at $20.66/sh

Even with the move on the session, GME shares have shed more than 20% over the past year