If you invested $1,000 in GameStop stock when Ryan Cohen’s stock was revealed, here’s how much it would be worth today
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The rise of GameStop Corporation (NYSE:GME) was one of the biggest storylines of 2021 as investors profited from the short squeeze.
Investors may also have benefited from following Chewy founder Ryan Cohen’s investment in the company.
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What happened: Cohen, who revealed in August 2020 that he bought 9% of GameStop shares, was elected chairman of the board in June 2021 and became the company’s CEO on September 28, 2023. was appointed.
At the end of 2020, Cohen increased his stake in GameStop to 13%. He paid an average total of $8.40 for the stock in 2020.
Based on the stock price of $7.30 on September 1, 2020, the day after Cohen’s deal was announced, investors could have bought 137 shares of GameStop with a $1,000 investment.
When the video game retailer conducts a 4-for-1 stock split in July 2022, its stake will increase to 548 shares of GME stock.
Based on the price of $22.29 per share at the time of this writing, your $1,000 investment is now worth $12,214.92. This equates to a return of 1,121.5% over the past four years.
For comparison, the same $1,000 invested in the SPDR S&P 500 Global ETF on September 1, 2020 would be worth $1,628.48 today, a return of +62.8%.
Why it matters: Cohen was one of the central figures in the GameStop storyline that unfolded in 2021, when retail investors began trading with hedge funds on an epic scale in a short period of time.
Investors bet on GameStop. They were confident in Cohen’s ability to deal with bankruptcy concerns, a short squeeze and the attention brought to the stock by Keith Gill, also known as Roaring Kitty.
Following the news that GameStop’s short interest had exceeded 100%, investors took it as an opportunity to squeeze out short sellers, sending the stock price up significantly and causing millions of dollars in losses for those who had bet against the stock. Ta.
GameStop stock hit a high of $483 in January 2021 and traded between $17.08 and $483 during the 2021 calendar year.
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Investors who were able to time their trade perfectly to buy GameStop after Mr. Cohen revealed the deal and sell it at an all-time high of $483 would have enjoyed turning their $1,000 investment into $66,171. .
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GameStop’s stock price has fallen from the highs seen during the hedge fund battles, but investors who bought it years ago are still making money.
Roaring Kitty’s return to social media this year brought renewed attention to GameStop, sending its stock price higher.
After a series of memes and videos, and a brief return to live streaming on YouTube, Roaring Kitty has remained quiet about GameStop, but some investors remain confident in GameStop’s long-term prospects. Some people have.
The video game retailer has raised cash and, under Mr. Cohen’s guidance, has left the balance available for mergers and acquisitions, exploring new directions and investing in stocks and cryptocurrencies.
GME Price Action: GameStop stock is trading at $22.29, while its 52-week trading range is $9.95 to $64.83. GameStop stock has risen 33.7% since the beginning of the year in 2024.
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This article shows you how much you’d get today if you invested $1,000 in GameStop stock when Ryan Cohen’s stock was disclosed.
