Retail investors were net sellers of AMC on Tuesday for the first time since February even as the stock surged 9%

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According to Vanda Research, Tuesday saw the first net selling of AMC stock by retail investors since February.

This occurred the same day AMC shares closed 9.9% higher.

Vanda attributes the price rise to institutional investors.

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According to Vanda Research, retail investors were net sellers on Tuesday of AMC Entertainment stock, even though shares rose 9% on Tuesday.

According to the firm, these gains were attributed to institutional investors.

Vanda analysts wrote that "many hedge funds are now trying out to anticipate changes in retail mood and buy these stocks before mom-and-pop investors get involved."

Since the beginning of 2021, the stock has risen more than 2,000%.

AMC reported Tuesday that more than 2,000,000 people watched a movie in its theaters on Labor Day weekend. This is higher than the attendance of the same weekend in 2019, just before the coronavirus pandemic.

According to Vanda, there was a sharp decline in retail sales of AMC shares. Vanda's data shows that day traders bought more than $1 billion each week during peak meme stock rallies in January, June and June. They've only bought less than $250million since August's stock rally.

AMC has been a favorite day trader for months and has attracted loads of social-media posts such as Reddit's Wall Street Bets and StockTwits. Retail investors have joined forces on numerous occasions to push the shares of companies with high shortfalls higher.