Meme Stock AMC Entertainment Holdings jumped 15.38% after retail traders tried to push it back to $60 a share on Monday’s so-called #AMCDay.
- #AMCDay ranked third on Twitter trends on Monday, adding momentum to the stock which has risen by 2,659% this year.
- AMC stock closed at $57 on Monday, narrowly missing the record $62.55 hit on June 2
- AMC’s rise has in the past been driven by social media frenzy on groups such as Reddit and Discord that have bought the heavily shorted stocks.
- The recent surge has seen AMC approach a $30 billion market cap, but analysts are pessimistic that the company will hold onto the valuation for long.
Retail traders have counted on anticipated increase in moviegoing to place bullish bets on AMC, with “The Quiet Place” movie becoming the first to exceed $100 million at the U.S. box office.
AMC: NYSE is down -0.53% on premarket.
