GameStop (NYSE:GME) shares rose 3.9% in premarket trading after Chief Executive Officer Ryan Cohen purchased one million shares on the open market for approximately $20.4 million on September 10.
Director Alain Attal also purchased 5,000 GameStop shares at $20.00 each on September 10.
The transactions followed GameStop’s second-quarter results, which included revenue of $790.2 million, compared with an analyst consensus of approximately $756.9 million. Adjusted earnings per share were $0.27, in line with expectations.
Operating income reached $160.2 million, which the source identified as the company’s highest second-quarter figure on record. Adjusted EBITDA increased to $174 million, more than double the level reported a year earlier.
Collectibles net sales rose 57% year over year to $356.3 million and represented 45.1% of total revenue, compared with 23.4% in the prior-year period.
GameStop raised its full-year adjusted EBITDA guidance to more than $650 million from its previous forecast of more than $600 million.
The broader US equity market was also higher, with the S&P 500 and Dow Jones up 0.6% and the Nasdaq gaining 0.7%.