AMC board members cash in another $4.8 million worth of shares as meme-stock madness pushes the stock to eye-watering heights
- AMC Entertainment board members sold $4.8 million worth of shares this week, SEC filings showed.
- Howard Koch Jr. took home $1.6 million, and four others sold almost $1 million each.
- AMC executives and directors have sold about $13 million worth of shares in two weeks.
AMC Entertainment board members dumped shares for a $4.8 million profit this week, adding to the company insiders selling as the stock price of the retail-trader favorite remains elevated.
Howard Koch Jr. cashed in on the most shares this week, reaping $1.6 million from sales on Monday and Wednesday, Securities and Exchange Commission filings said.
Four others took home nearly $1 million each on Wednesday, the filings said.
Philip Lader reported that he had 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 made a $1.4 million profit from selling AMC shares.
AMC executives and board members have taken home about $13 million in the past two weeks alone, thanks to a rally driven by retail traders that's pushed shares to record highs. The company's stock has risen by nearly 2,000% year-to-date and was trading at about $44 on Thursday.
AMC did not immediately respond to Insider's request for comment. It also didn't respond last week to a request regarding executive sales totaling $8 million.
AMC, the world's largest movie-theater operator, has sparked renewed interest in meme stocks in recent weeks. After its onetime largest shareholder sold almost all of its remaining stake, retail traders, mobilized on websites like Reddit, poured into the stock. They continued to do so even after the hedge fund Mudrick Capital dumped millions of shares shortly after announcing the purchase.
