Jim Simmons’ Renaissance Technologies firm just increased their AMC position.
The firm increased its stake in AMC Entertainment by 87% alone just last quarter and trimmed its Tesla position.
RenTech is only one of many financial institutions who loaded up on AMC Entertainment stock early this year.
What does this mean for AMC Theatres and its shareholder base moving forward?
Welcome to Franknez.com – Philanthropist Jim Simmons’ RenTech just increased their position in AMC Entertainment Holdings. I want to talk about why this matters.
Let’s dive right into it!
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One of the biggest financial institutions buys AMC stock
RenTech is one of the biggest and best-performing quantitative investment management companies globally.
The investment fund increased its position in AMC by 800% over a period of nine months.
First it tripled its stake in AMC during the second quarter of 2021, then increased its position by nearly 40% in the third quarter.
During that same quarter Renaissance Technologies quadrupled their stake in Tesla but have trimmed some of their position in the tech company early this year.
RenTech now owns a total of 4,681,833 shares of AMC stock according to this SEC filing.
Jim Simmons is an American Mathematician and considered to be one of the smartest billionaires in the world.
He’s known for his philanthropic efforts in the education community creating jobs for math and science teachers.
If Jim Simmons’ Renaissance tech is buying AMC Entertainment stock it should mean something.
Did this mathematician calculate something similar to what the retail community has been discussing about for over a year now?
It is certainly an interesting take since AMC is a short squeeze play.
What do you think?
Let me know in the comment section below.
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