Shares of the Grapevine, Texas, company at last check climbed 68% to $33.45.
Earlier this week, the retailer reached an agreement with RC Ventures to place three of the New York activist investor’s nominees — Alan Attal, Ryan Cohen and Jim Grube — on the board.
A statement from GameStop said the three executives have “deep expertise in e-commerce, online marketing, finance and strategic planning.”
The addition of Cohen and the other new directors is positive given their success at Chewy (CHWY) – Get Report and vision to “make GameStop a more digitally focused retailer,” Telsey analyst Joseph Feldman wrote in a Tuesday note, according to Bloomberg.
Cohen is the manager of RC Ventures and co-founder of pet-supplies specialist Chewy.com, which was purchased by PetSmart in 2017 for $3.35 billion.
In November RC Ventures urged the company to conduct a strategic review of its business and focus on digital sales.
The firm in a December Securities and Exchange Commission filing expressed willingness to get more involved with the company “to produce the best results for all shareholders.”
The company also reported a quadrupling in e-commerce sales during the nine-week holiday shopping season. The figure accounted for about 34% of total sales.
E-commerce sales year to date moved past $1.35 billion, GameStop said, exceeding the company’s $1 billion target. Comparable-store sales rose 4.8%
GameStop said in a statement that it had seen “unprecedented demand for recently launched gaming consoles, and while consumer demand far outpaced constrained supply in the nine-week period, the company believes these products will drive sales well into 2021 as console availability from our suppliers improves later in the year.”