Another short squeeze
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To the moooon!
Mudrick Capital bought 8.5 million shares of AMC, then reportedly sold them off for a profit
Mudrick Capital sold all of its stock in AMC Entertainment, according to a new report from Bloomberg News.
On Tuesday, AMC had disclosed the $230.5 million investment in a securities filing posted before the opening bell. Shares of the company rose as much as 22% on the news. AMC has become a favorite of traders on Reddit and has seen wild swings in recent months. The stock was last up about 19% and traded around $31 per share.
Representatives for Mudrick did not immediately respond to CNBC’s request for comment.
Mudrick had purchased 8.5 million shares at $27.12 apiece, according to AMC’s filing. The company’s stock hit a high of $33.53 per share, meaning Mudrick could easily have gained more than $40 million on the rally. According to Bloomberg, the decision to dispose of the stake came after the firm concluded that AMC’s stock was overvalued.
carolinablue232
Player Valuation: £70m
I mean, duh? It’s worth closer to 5 than 35 based on any normal valuation method.Mudrick Capital sold all of its stock in AMC Entertainment for a profit, according to a new report from Bloomberg News.Mudrick Capital bought 8.5 million shares of AMC, then reportedly sold them off for a profit
Mudrick Capital sold all of its stock in AMC Entertainment, according to a new report from Bloomberg News.www.cnbc.com
On Tuesday, AMC had disclosed the $230.5 million investment in a securities filing posted before the opening bell. Shares of the company rose as much as 22% on the news. AMC has become a favorite of traders on Reddit and has seen wild swings in recent months. The stock was last up about 19% and traded around $31 per share.
Representatives for Mudrick did not immediately respond to CNBC’s request for comment.
Mudrick had purchased 8.5 million shares at $27.12 apiece, according to AMC’s filing. The company’s stock hit a high of $33.53 per share, meaning Mudrick could easily have gained more than $40 million on the rally. According to Bloomberg, the decision to dispose of the stake came after the firm concluded that AMC’s stock was overvalued.
Smart marketing
AMC Entertainment Holdings Inc. is going all-in on this meme stock phenomenon.
The movie theater company launched on Wednesday a new initiative to promote “direct communication” with individual investors, who helped push AMC’s stock up 1,400% this year, rewarding them with free tickets and free popcorn. “Many of our investors have demonstrated support and confidence in AMC...After all, these people are the owners of AMC, and I work for them,” chief executive officer Adam Aron said in a statement Wednesday.
AMC Entertainment Holdings Inc. is going all-in on this meme stock phenomenon.
The movie theater company launched on Wednesday a new initiative to promote “direct communication” with individual investors, who helped push AMC’s stock up 1,400% this year, rewarding them with free tickets and free popcorn. “Many of our investors have demonstrated support and confidence in AMC...After all, these people are the owners of AMC, and I work for them,” chief executive officer Adam Aron said in a statement Wednesday.
Like the famous economist John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.”
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