A regulatory document reveals that asset management giant Vanguard has recently increased its shareholding in Gamestop, now surpassing the holdings of the company's CEO Ryan Cohen's RC Ventures.
According to filings with the USA Securities and Exchange Commission (SEC), Vanguard currently holds 37.1 million shares of Gamestop, accounting for 8.7% of the company. Previously, Vanguard held 29.69 million shares, which was 6.87%, making it the largest institutional investor in Gamestop.
In comparison, Cohen's RC Ventures holds 36.84 million shares of the company, equivalent to 8.64% of the shares.
Recently, Gamestop's stock price soared without any significant news, ending a five-day rise on Tuesday. The stock fell by 1.4% on Wednesday, with a volume of 18.38 million shares, higher than the average of 8.78 million shares over the past 65 days.
The video game retailer has not released any press releases since announcing a partnership with trading card, authentication, and rating service organization Collectors on October 15.
Cohen supported Donald Trump in the presidential election and was appointed as Gamestop CEO in September 2023. Last December, the Gamestop board of directors approved a new investment policy, allowing the company to invest in equity securities and other investment projects, with the board authorizing Cohen to manage the portfolio.
So far this year, Gamestop's stock price has risen by 50.9%, surpassing the 25.5% increase of the S&P 500 index.