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AMC stock nearly doubles — but hedge fund has ‘no regrets’ about selling

Mount Equity Group Tokyo, Japan > News > Business > AMC stock nearly doubles — but hedge fund has ‘no regrets’ about selling

Shares of AMC Entertainment nearly doubled on Wednesday — but Mudrick Capital, which liquidated a $230 million position in the movie exhibitor a day earlier, isn’t eating its heart out, sources told The Post.

Even as the stock doubled to $62.55 — up 95 percent from the previous day’s close of $32.04 — people close to the hedge fund shrugged it off. One insider said of the brief flirtation with AMC stock, “It’s history,” adding that there were “no regrets.”

That’s despite the fact that investors in Mudrick — who on Tuesday made a quick, relatively modest profit on a chunk of 8.5 million shares the fund had bought from the company in a secondary offering — could have made hundreds of millions of dollars staying in the stock for an extra 24 hours.

Indeed, the latest Reddit rally on Wednesday continued to pump AMC to an unprecedented market capitalization of more than $28 billion.

The rub? Most of Mudrick’s investors come from a different world than Redditors — “one that values business based on fundamentals,” according to a source close to the fund. Likewise, the fund’s backers recognize that stock-price fluctuations aren’t evidence of value, even if they are sending