AMC Entertainment stock has surged 89% so far in June alone, and insiders have sold millions of dollars of shares of the movie-theater chain this month.
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AMC Entertainment Holdings insiders, including a longtime Hollywood producer, found it a worthy time to sell stock. Shares have been subject to volatile swings as traders promote them, among other so-called meme stocks, on social media. AMC stock has surged 89% so far in June alone.
Howard W. ‘Hawk’ Koch, Jr. sold 14,277 AMC (ticker: AMC) shares on June 7 for a total of $790,072, or an average price of $55.34 each. Koch, an AMC director since 2014, now owns 31,101 shares of the movie-theater operator, according to a form he filed with the Securities and Exchange Commission.
Koch, the executive producer of “Wayne’s World” and its sequel, among many other films, last sold AMC stock more than five years ago. He sold 2,000 shares in March 2016 for $58,151.
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Other big sellers in June include Carla C. Chavarria, chief human resources officer for AMC, who sold 40,346 shares on June 3 for $2.5 million, or an average per-share price of $62.67. AMC director Gary Locke, a former ambassador to China and Washington state governor, sold 34,293 shares on June 3 for $1.7 million
AMC didn’t respond to a request to make the insiders available for comment.
AMC stock has soared with the latest upswing. As of Wednesday’s close, shares have rocketed more than 23 times in value since the end of 2020.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
