GameStop Stock Is Flying Higher Today

GameStop Corp.’s largest individual investor Ryan Cohen, founder of online pet food supplier Chewy Inc., bought 6.5 million shares of the Grapevine, Texas-based videogame retailer, raising his stake to 9.98% and has plans for the company to take on Amazon.

That is, mainly, to sell a wider range of gaming-related merchandise and services online and to ship it to customers.

The company expects a surge in demand during the upcoming holiday quarter as the Xbox Series X and Playstation 5 will both be released in November.

Cohen may hope that GameStop will develop its e-commerce operations beyond what they are today.

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