CEO Adam Aron asked other executives to decline compensation hikes as well
AMC Entertainment Holdings Inc (NYSE:AMC) CEO Adam Aron asked the company to freeze his salary in 2023, as shares of the theater chain operator continue to hurt. In a series of tweets, Aron said he did not “want ‘more’ when our shareholders are hurting,” and urged other top AMC executives to decline compensation hikes as well. In 2021, Aron earned $18.9 million.
Last seen down 2.7% at an annual low of $3.94, AMC Entertainment stock has been incredibly volatile over the past 12 months. The 320-day moving average capped an August rally, while earlier this month the 200-day trendline stymied AMC’s breakout attempt. Year-over-year, the stock has shed more than 76%.
It looks as though options traders are looking for AMC’s bottom. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock’s 10-day put/call volume ratio ranks higher than all readings from the past year.
Short interest is also an area that investors should watch. While short sellers are hitting the exits, with short interest down 10.2% in the most recent reporting period, the 100.11 million shares sold short still make up a 19.4% of AMC Entertainment stock’s available float.