Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ AMC board members are cashing in more $ 4.8 million worth of stocks as meme craze pushes stocks to charming heights

AMC board members are cashing in more $ 4.8 million worth of stocks as meme craze pushes stocks to charming heights



FILE - In this photo of the file from April 29, 2020, the AMC sign appears in the AMC Burbank 16 in Burbank, California.  AMC Theaters, the country's largest chain, is thwarting plans to reopen theaters in two weeks.  The company said Monday it would open approximately 450 US sites on July 30 and the remaining 150 next week.  (AP Photo / Chris Pizzello, file)
  • AMC Entertainment board members sold $ 4.8 million worth of shares this week, according to SEC statements.
  • Howard Koch Jr. raised $ 1
    .6 million, and four others sold nearly $ 1 million each.
  • AMC executives and directors have sold about $ 13 million worth of stock in two weeks.
  • See more stories on the Insider business page.

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

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