GameStop soared as much as 29% on Tuesday to multi-year highs as the co-founder of Chewy.com, Ryan Cohen, upped his investment stake in the video game retailer.Through RC Ventures, Cohen now owns a 12.9% stake in GameStop worth $140 million as of Monday’s close, according to an SEC filing. Cohen previously revealed in a September filing that he purchases a 9.9% stake in the company.Watch GameStop trade live here.Chewy.com co-founder Ryan Cohen is continuing to add to his stake in GameStop, according a filing made with the SEC on Monday.Throug RC Ventures, Cohen now owns a 12.9% stake in GameStop worth $140 million as of Monday’s close. This is an increase from Cohen’s previous September disclosure that his firm built a 9.9% stake in the video game retailer.GameStop surged as much as 29% to multi-year highs in Tuesday trades. Shares of GameStop have more than quadrupled since the summer as consumers spend more money on video games amid the pandemic and next generation consoles like the Playstation 5 remain sold-out due to high demand. In September, Cohen approached GameStop’s board with a plan to turn the retailer into a specialized ecommerce behemoth in the video game space, similar to how Cohen turned Chewy.com into the ecommerce juggernaut for pet supplies.
Read more: Brooke de Boutray has beaten 99% of her peers over the last 5 years and runs a fund that is up 148% in 2020. She shared with us 4 stocks she’s most bullish on heading into 2021.Cohen now owns 9,001,000 shares of GameStop at an average price of $8.43. Shares traded above $20 for the first time since early 2018 on Tuesday.While it’s still unclear if GameStop has been receptive of Cohen’s plan to refocus the retailers efforts into e-commerce, Cohen said in the regulatory filing he intends to continue to engage in discussions with the board about “changes to the composition of the Board and other corporate governance enhancements” as well as his desire to “come to an amicable resolution” with the company. At the same time, “[Ryan Cohen] will not hesitate to take any actions that they believe are necessary to protect the best interests of all stockholders,” the filing said.Read more: Brian Barish’s mutual fund crushed the market for 8 straight years and is in the top 2% after reinventing value investing for the digital age. Here’s how he pulled it off.