In Tuesday’s Blitz Daily, we take a look at AMC Entertainment as CEO Adam Aron continues to dump shares.
Aron recently parted with another $7 million in shares, having sold about $40 million worth in total since August 2021.
The meme stock is also among the top weekly declining names in the Communication Services sector, falling about 8.4% on Tuesday to close at $18.84 a share.
AMC has indeed been in a steady downward spiral since reaching $72 a share last June, having given up more than three-quarters of its value since.
And while it’s prone to a small bounce here and there, the stock continues falling despite attempts from the theater chain’s following to hold on to shares in hopes of taking advantage of another short squeeze.
It seems institutional investors are confident that this junk stock’s slide isn’t over...
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