Those AMC Entertainment (AMC) - Get Free Report shareholders with the gorilla grip are being tested Friday as shares plummet 10% after CEO Adam Aron sold another $9.65 million in shares in the company.
Aron sold 312,500 shares on Dec. 7 for $30.87 per share, according to a Securities and Exchange Commission filing Thursday after the markets closed.
Separately, AMC CFO Sean Goodman sold all of his 18,316 shares for about $565,000, according to a filing. That total doesn't include the nearly 600,000 shares that are subject to continued service or targets.
As Bloomberg notes, executives selling shares isn't out of the ordinary, but AMC's whole allure as a meme stock has been that investors should hold and never sell in order to beat the institutional investors who were trying to short the company.
AMC insiders have sold more than $70 million in shares in 2021 as the stock has jumped nearly 500% year to date thanks to a cult-like following on social media.
Last month, AMC's stock fell sharply despite the company reporting third quarter results that topped estimates.
AMC reported total revenue of $763.2 million for the third quarter, beating an estimate from analysts surveyed by Refinitiv of $708.3 million. The company reported a loss of $224.2 million, or 44 cents a share, which beat an estimated loss of 53 cents.
The nation's largest movie theater company reported a net loss of $905.8 million, or $8.41 a share for the same period in 2020, which reflected a devastating loss of business during the Covid-19 pandemic.