Noam Galai | Getty Images Entertainment | Getty Images
Mudrick Capital sold all of its stock in AMC Entertainment, according to a new report from Bloomberg News.
On Tuesday, AMC had disclosed the $230.5 million investment in a securities filing posted before the opening bell. Shares of the company rose as much as 22% on the news.
Bloomberg is now reporting that Mudrick sold off all of its shares Tuesday for a profit.
Representatives for Mudrick did not immediately respond to CNBC’s request for comment.
Mudrick had purchased 8.5 million shares at $27.12 apiece, according to AMC’s filing. The company’s stock stock rose as high as $32 per share on Tuesday afternoon, meaning the firm could easily have gained more than $40 million on the rally.
According to Bloomberg, the decision to dispose of the stake came after the firm concluded that AMC’s stock was overvalued.
