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It's Time to Revisit GME Stock as Insiders Are Buying - Stock Market Latest

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If video game retailer GameStop’s (NYSE:GME) financials are improving, does this mean it’s time to buy GME stock? That’s a tough call, as it’s still a risky proposition to invest in GameStop.

Yet, a share position is worth considering as GameStop’s management seems to have a well-considered turnaround plan in place.

Meme stock traders and price chasers have targeted GameStop during the past couple of years. However, sensible investors should avoid emotional trades and keep tabs on the company’s financial and operational progress.

It’s fine to monitor the buying activity of GameStop’s insiders. After all, if the company’s insiders are confident (and if they’re expressing their confidence through share purchases instead of just chatter) that’s probably a positive sign for GameStop.

Insider Doubles Down on GME Stock

Investors should expect GME stock to remain volatile, and it’s not appropriate to pour your entire account into this one stock. However, it’s encouraging to see Director Larry Cheng purchasing 5,000 shares of GameStop, which he did through Cheng Capital LLC.

With that purchase, Cheng owned 44,088 GameStop shares in total. Cheng’s previous purchase of 4,000 shares of GameStop shows he likes to buy in bulk. This is a testament to his confidence in the company.

GameStop’s insiders might sell their shares for a variety of reasons, but if they’re buying in large quantities, clearly they must have faith in the company.

GameStop Director Alain Attal also reportedly made a large-scale purchase. Specifically, he bought 1,500 shares of GME stock last year. That’s a drop in the bucket compared to GameStop Chairman Ryan Cohen’s purchase of 100,000 shares of his company, though.

GameStop Focuses on Core Business

Of course, you shouldn’t buy a stock just because insiders are loading up on it. It’s essential to do your own due diligence and delve into the company’s financials.

As it turns out, GameStop appears to be on the comeback trail. For the fourth quarter of the fiscal year ended Jan. 28, 2023, GameStop reported a $48.2 million profit.

That’s quite a feat, considering the company posted a loss of $147.5 million in the prior-year quarter. Furthermore, this represents GameStop’s first net income positive quarter in two years.

It’s also worth noting that GameStop is backing away from the company’s previous digital/e-commerce transformation attempt.

Rather than emphasize e-commerce sales, GameStop’s management is focusing strongly on the company’s brick-and-mortar locations. Along with that, GameStop is enacting cost-cutting measures that could help the company maintain or even improve its profitable profile.

What You Can Do Now

The idea here isn’t to gamble on a possible short squeeze with game GameStop. Nor should you simply buy a stock just because insiders own it. Instead, take all of the relevant available information and decide for yourself whether an investment in GameStop is worth the risk.

That said, it’s a positive sign that GameStop’s insiders apparently have faith in the company’s future. Plus, it’s noteworthy that GameStop is focusing on its core business and reducing its expenditures. Therefore, you might want to consider a small but fairly confident position in GME stock.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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