The latest look at Fidelity data shows more financial institutions going long on AMC, as the rate of buys over sells continues to increase.
Fidelity data reports show AE Wealth management, Hapanowicz and Traynor Capital Management being the top 3 purchasers by volume reporting over 25,000 shares purchased over the last few days. So it does seem to show that, far from all hedgies shorting the stock to death, there are plenty who are keen to ride the coat-tails of the Ape movement, looking to capitalise on the MOASS.
Institutions going long on AMC for a while now
Going back a little, we can see this isn’t new, with plenty of insitutions going long on AMC over the last few weeks. The increase in volume of long positions may be partly due to the upcoming earnings report on 4th August, which we are awaiting with baited breath to see if the post pandemic reopening has helped the company to regain ground and recover strong from the lost revenue during the year long lockdown.
Furthermore, with the news of Adam Aron being appointed chairman of the board in addition to his CEO role, and this weeks solid bounce with 25% gains after the latest protracted round of crushing from the hedgies, things are looking bullish for AMC once again. New ATH’s in our sights? We think this is very possible.