Summary List Placement
Five of AMC Entertainment’s board members dumped shares for a $4.8 million profit this week, adding to the number of company insiders selling some of their stakes as the stock price of the retail-trader favorite has remained at elevated levels.
AMC board member Howard Koch Jr. cashed in on the most shares this week, reaping a total of $1.6 million from sales on Monday and Wednesday.
The other four Board of Directors members took home nearly $1 million in profit each on Wednesday alone, according to filings with the Securities and Exchange Commission.
Philip Lader reported he sold shares worth $705,686; Adam Sussman reported a $713,802 sale; Kathleen Pawlus an $854,113 sale, and Anthony Saich an $839,524 sale. Including a sale from last week, Saich has taken home $1.4 million in profit from AMC share sales.
Including insider sales from last week, AMC executives and board members have taken home $13 million in the last two weeks alone, thanks to a retail-trader driven rally that’s driven shares to record highs. The company’s stock has risen nearly 2,000% year-to-date and was trading around $44 on Thursday.
AMC did not immediately respond to Insider’s request for comment and also didn’t respond last week regarding executive sales totaling $8 million.
The world’s largest movie-theater operator has sparked renewed interest in meme stocks among retail traders in recent weeks. After the company’s once largest shareholder sold almost all of its remaining stake, retail traders — mobilized on social media sites like Reddit — poured into the stock and continued doing so even after hedge-fund Mudrick Capital dumped millions of shares shortly after announcing the purchase.