Home / Business / AMC board members cash in $4.8 million in stocks as meme-stock frenzy drives stocks higher

AMC board members cash in $4.8 million in stocks as meme-stock frenzy drives stocks higher

FILE - On April 29, 2020, AMC image files appeared at AMC Burbank 16 theaters in Burbank, Calif. AMC Theaters, the nation's largest network, is pushing forward with plans to reopen theaters within two weeks.  The company said Monday it will open about 450 locations in the United States on July 30 and the remaining 150 next week. (AP Photo/Chris Pizzello, File)
  • AMC Entertainment board members sell another $4.8 million in shares this week.
  • Howard Koch Jr. took home just $1
    .6 million, while the other four sold nearly $1 million each.
  • including sales from last week AMC executives and directors sold about $13 million in shares.
  • See more stories on the Business Insider page.

Five AMC Entertainment Board Members Put In $4.8 Million Profitable Stock This Week Increase the number of people in the company that sells some stakes. This is because the retailer’s favored share price remains high.

Howard Koch Jr., AMC Board Member, Earns Most This Week It grossed $1.6 million from Monday and Wednesday sales.

Four other board members earned nearly $1 million in profits Wednesday alone, according to filings with the Securities and Exchange Commission.

Philip Lader reported he sold $705,686 worth of shares; Adam Sussman reported sales of $713,802; Kathleen Pawlus sold for $854,113 and Anthony Saich sold $839,524. Including last week’s sales, Saich earned $1.4 million from selling AMC shares.

When combining sales using insider data from last week AMC executives and board members have taken home $13 million in the past two weeks alone. It is thanks to the rally driven by small traders that pushed the stock to record highs. The company’s stock was up nearly 2,000% year over year and was trading around $44 on Thursday.

AMC did not immediately respond to an insider’s request for comment. And it didn’t respond last week about $8 million in executive sales.

The world’s largest cinema operator has sparked interest in meme stocks among retailers in recent weeks. After the company’s largest shareholder sold most of the remaining shares, the retailer — raising it on social media sites like Reddit — poured in the stock and continued to do so even after hedge fund Mudrick Capital. Dropped millions of shares shortly after the purchase was announced.

Read more: An experienced options trader shares three potential drivers of AMC’s 2,500% jump this year and shares how long the retail fueled rally could last.

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