6 companies have now increased their stake in AMC Entertainment Holdings Inc., (NYSE:AMC) this year, positioning themselves for a run.
According to a fresh report from MarketBeat, a total of six financial institutions have significantly increased their stake in the famous ‘meme stock’, AMC.
While shares of the company have fallen nearly 28% this year-to-date, institutions loading up on the stock is a good sign, indicating bullish projections.
Mayflower Financial Advisors LLC bought a new stake in AMC Entertainment in the 1st quarter worth about $37,000.
Skylands Capital LLC purchased a new stake in shares of AMC Entertainment during the 2nd quarter worth approximately $50,000.
Powell Investment Advisors LLC bought a new position in shares of AMC Entertainment in the 1st quarter valued at about $55,000.
Principal Financial Group Inc. lifted its position in AMC Entertainment by 50.6% in the first quarter.
Principal Financial Group Inc. now owns a total of 20,091 shares of the company’s stock worth $75,000 after buying an additional 6,748 shares during the last quarter.
Finally, Quarry LP boosted its stake in shares of AMC Entertainment by a whopping 9,601.2% during the 2nd quarter.
Quarry LP now owns a total of 15,619 shares of the company’s stock worth $78,000 after purchasing an additional 15,458 shares during the period.
Institutional investors now own roughly 28.80% of the company’s stock.
Recently, AMC CEO Adam Aron announced optimistic company news following the recent fed rate cuts, stating its positive effects for business.
“Wednesday’s interest rate cut by the Federal Reserve of 50 basis points should save AMC about $10 million of interest expense per annum, giving us an extra $10 million or so of cash savings each year,” Aron said on X, formerly known as Twitter.
“This is such very good and much welcomed news for AMC. Ka-ching, ka-ching!”
Despite AMC stock trading around $4.40 levels, the speculation of a short squeeze remains strong within the retail investor community.
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Also Read: TD Bank Now Gets Caught With Illegal Market Manipulation
Other Market News Today
SEC Enforcement Chief Gurbir Grewal is now resigning this month after his role primarily in the ‘crackdown’ of cryptocurrencies.
Gurbir Grewal, the top enforcement official at the U.S. Securities and Exchange Commission (SEC), is stepping down after playing a key role in cracking down on the cryptocurrency sector and monitoring Wall Street’s use of off-channel communications, per a Bloomberg report.
Since joining the SEC in 2021, Grewal has overseen the agency’s 1,300 enforcement attorneys, leading to numerous cases against various firms and financial professionals.
He was a frequent speaker at industry events, consistently emphasizing the importance of protecting investors.
“Every day, he has focused on how to best safeguard investors and ensure compliance with our established securities laws,” stated SEC Chair Gary Gensler.
“He has led a division that has acted impartially, following the facts and the law wherever they lead.”
Grewal is leaving to pursue a position in private practice, as confirmed by an unnamed source familiar with the situation.
The SEC has had notable confrontations with the finance industry, including hedge funds, brokerages, cryptocurrency firms, as well as retail investor criticism.
Most of the efforts that Grewal helped initiate while at the SEC included legal actions against crypto exchanges for allegedly trading unregistered securities.
The SEC has taken a strong stance on finance firms using unofficial communication methods like WhatsApp.
The agency has expressed concerns about bankers conducting transactions via personal devices, which complicates regulatory oversight.
Grewal, a former federal prosecutor, has overseen investigations resulting in billions of dollars in fines related to these WhatsApp probes.
In one high-profile case, he labeled a Colorado audit firm that evaluated Donald Trump’s social media company as a “sham audit mill,” leading to $14 million in penalties against the firm and its founder.
The audit firm, BF Borgers CPA PC, did not admit to or deny the SEC’s findings.
Following Grewal’s remarks, Trump Media & Technology Group Corp. appointed a new auditor shortly thereafter.
During his time at the SEC, Grewal authorized over 2,400 enforcement actions, resulting in more than $20 billion in disgorgement, prejudgment interest, and civil penalties.
The agency also awarded over $1 billion to whistleblowers during his time.
In 2023, the SEC imposed nearly $5 billion in fines and reimbursements to investors, while its enforcement actions in fiscal 2022 led to a record $6.4 billion in penalties, per Bloomberg.
Grewal, who previously served as the attorney general of New Jersey, will officially leave the SEC on October 11.
Sanjay Wadhwa, the division’s deputy director, will take over as acting director.
Wadhwa has been with the SEC’s enforcement unit since 2003 and was ‘instrumental’ in securing a record $92.8 million penalty against a billionaire hedge fund manager for insider trading in 2011.
David Oliwenstein, a partner at Pillsbury Winthrop Shaw Pittman and former SEC enforcement attorney, noted, “For any market participants thinking Grewal’s departure indicates a softening of enforcement, that would be incorrect.
Sanjay’s approach to enforcement is just as aggressive.”
Last year, Grewal was under federal investigation for corruption.
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Also Read: TD Bank Now Gets Caught With Illegal Market Manipulation
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