Market Commentary

This Congressman just announced that he sold some AMC shares

Rahul Joshua25 Aug 2022 · 1 minute read

Shares of AMC Entertainment (AMC: US) are in the spotlight again given the heightened trading volumes in recent days. 

One of the favorite stocks of Reddit’s retail crowd is trading sharply lower in recent days after billionaire investors Ryan Cohen disclosed, that he sold the entire stake in Bed Bath & Beyond (BBBY: US), another famous meme stock. 

This news helped facilitate a sharp move lower in AMC shares, which now trade below the $10 mark despite the fact that they traded near $25 on August 16. 

However, Mike Garcia, the U.S. representative for California's 25th congressional district, cashed in on AMC shares. He sold the stock at an average price of $24.44 on August 12 according to new filings. 

Garcia also disclosed he sold a partial stake in Textron (TXT: US), valued at between $50,000 and $100,000, at an average price of $60.89. In addition to these, the Congressman previously disclosed that he acquired $1,000 - $15,000 worth of shares of GameStop (GME: US) back in June. 

Garcia, a Republican, sits in the committees that oversee Appropriations, as well as Science, Space, and Technology, which makes his tech trades particularly interesting and worth looking into further.