GameStop rises 3% after Ryan Cohen's $26.4M insider purchase

$GME climbed approximately 3% in after-hours trading following CEO Ryan Cohen's $26.4 million purchase of additional GameStop shares, according to Bloomberg.
The positive price reaction followed disclosure of Cohen's 1.15 million-share purchase at an average price of $22.94.
The insider purchase increases Cohen's direct exposure to GameStop and has provided a near-term sentiment catalyst, although insider buying does not guarantee future stock performance.