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AMC board members cash in another $4.8 million of shares as meme-stock madness pushes the stock to eye-watering heights

Summary List PlacementFive 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...

FILE - In this April 29, 2020 file photo, the AMC sign appears at AMC Burbank 16 movie theater complex in Burbank, Calif. AMC Theaters, the nation’s largest chain, is pushing back its plans to begin reopening theaters by two weeks. The company said Monday that it would open approximately 450 U.S. locations on July 30 and the remaining 150 the following week. (AP Photo/Chris Pizzello, File)

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. 

Read more: A veteran options trader breaks down 3 potential drivers of AMC’s 2,500% surge this year — and shares how long the retail-fueled rally might last

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