MP - AMC Stock: AMC Entertainment Takes a Hit as Insider Selling Chatter Grows
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AMC Entertainment (NYSE:AMC) stock is in the news today as investors react to recent insider selling from the company’s leaders.
Adam Aron, chairman, president and CEO of AMC Entertainment, starts this off with 312,500 shares of the company’s stock sold. These shares were sold on Tuesday with the average price per share being $30.867. That has him netting about $9.65 million from the sale.
It’s worth pointing out that this is a massive amount of shares sold by the AMC CEO. Following that selloff, Aron now only directly holds 95,997 shares of the company’s stock. But he’s not the only executive unloading shares.
Sean Goodman, executive vice president and CFO of AMC Entertainment, also disposed of some shares on Tuesday. He didn’t sell as many as Aron, with his total being 18,316 shares of AMC stock sold for an average of $30.862 per share. That comes to just over $565,000.
While Goodman didn’t sell as many shares of Aron, what’s more interesting is what he has left. According to the SEC filing, the CFO now no longer directly holds any shares of AMC stock.
News of insider selling doesn’t seem to be inspiring hope in AMC traders today. Some have taken to Twitter (NYSE:TWTR) to admonish the company’s leaders for selling their shares. Others are advocating buying more shares on today’s dip.
AMC stock is down 9.3% as of Friday afternoon but is still up 1,230% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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