AMC Investors Hit Sell Button amid Meme-Stock Meltdown
Meme stocks are having a tough day, and AMC Entertainment is one of the hardest hit names. The film chain's stocks are down nearly 13% today due to a sell-off across the group.
After trading as low as $ 62.55 in early June, AMC shares have since fallen as investors watched as 30% of the stock's value fell.
Short interest remains
Short selling activity at AMC remains robust, with short interest hovering at 102.3 million stocks on May 28, according to stock data from financial analyst Ortex. The short interest exceeded expectations considering traders lost billions of dollars to the WallStreetBets movement as retail investors gained the upper hand.
According to the latest stock market data, AMC's short stake is estimated at 12.7% of the stock's free float, according to Ortex. Short interest in AMC was recently at 18%.
Some major AMC investors have decided to take advantage of the recent craze for Meme stocks and liquidate some of their holdings. Among them, Howard Koch Jr., the producer of popular films such as Wayne’s World and Primal Fear, has dumped more than 14,000 shares in the past few days, an SEC filing shows.
After selling shares at an average price of $ 55.34, he saw a payday of more than $ 790,000. Koch, also known as Hawk, still owns tens of thousands of stocks in the movie stock. Before that month, he hadn't pressed the sell button on the stock in half a decade.
There was also some inside sales. AMC HR manager Carla Chavarria sold more than 40,000 shares in her employer at an average price of $ 62.67. She took home $ 2.5 million.
Meme stock melt
Sales today aren't limited to AMC and have expanded to include several meme stock names, even the newer ones. GameStop stock is down a staggering 20% after the company's earnings report made investors want more transparency for the rest of the year. BlackBerry, Clover Health and Wendy's are also under pressure today.
However, as long as the broader stock market is stuck in its current narrow range, Meme stock's glory days are likely not over as investors hunt for returns, according to OANDA market analyst Edward Moya.
This article was originally published on FX Empire
More from FXEMPIRE:
Crude Oil Price Update - Trader reaction to $ 69.56 pivot will set near term direction
US Dollar Index (DX) Futures Technical Analysis - Trader Reaction on 90.070 sets the tone for the end
Natural gas price forecast - natural gas remains top of range
AMC investors hit the sell button amid meme stock meltdown
AUD / USD Forex Technical Analysis - Needs stronger volume to break above 0.7774. trigger
Silver Price Prediction - Prices rise on robust inflation gains
In this article:
You should check here to buy the best price guaranteed products.
Trooping the Colour 2021: A 'memorable and uplifting day' for the Queen at Windsor Castle
A Mississippi high school agreed to make 2 white students co-winners of top honors after their parents complained about the awarding of prizes to Black pupils
The new Ford Maverick's coolest feature is its highly versatile 'Flexbed' - here's how it works
Dunk of the Night: John Collins
Cambodia begins evicting floating homes amid protests
A North Carolina plantation canceled a Juneteenth event that would have told the stories of 'white refugees' after backlash