- AMC Entertainment board members sold $ 4.8 million worth of shares this week, according to SEC statements.
- Howard Koch Jr. raised $ 1
- AMC executives and directors have sold about $ 13 million worth of stock in two weeks.
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Members of the board of AMC Entertainment dumped shares with a profit of $ 4.8 million this week, adding to the company’s insiders who are selling as the share price of the favorite retailer remains higher.
Howard Koch Jr. amassed the most shares this week, raising at least $ 1.6 million in sales on Monday and Wednesday, according to documents from the Securities and Exchange Commission.
Four others took home nearly $ 1 million on Wednesday, the statements said.
Philip Lader announced that he had sold shares worth $ 705,686. Adam Susman reported sales of $ 713,802, Kathleen Paulus – $ 854,113, and Anthony Sych – $ 839,524. Including last week’s sale, Saich made $ 1.4 million in profit from the sale of AMC shares.
AMC executives and board members have raised about $ 13 million in the past two weeks alone, thanks to a rally led by retailers that pushed stocks to record highs. Shares of the company have risen nearly 2,000 percent so far and are trading at about $ 44 on Thursday.
AMC did not immediately respond to Insider’s request for comment. He also failed to respond last week to a request for sales to executives totaling $ 8 million.
AMC, the world’s largest cinematographer, has sparked new interest in meme stocks in recent weeks. After its largest shareholder sold almost all of its remaining stake, retailers mobilized on websites such as Reddit poured into the stock. They continued to do so even after hedge fund Mudrick Capital dropped millions of shares shortly after the purchase was announced.
Read more: Veterans Options Trader breaks 3 potential drivers of AMC’s 2500% jump this year – and shares how long a retail-fueled rally can last