AMC value is swinging wildly from one extreme to the other.
In the recent phenomenon of meme stocks, where non-traditional stocks gain attention and hype from online communities, AMC has taken a different approach compared to GameStop. While GameStop stayed mostly quiet during its stock surge, AMC has embraced its meme investors, leading to significant fluctuations in its stock prices.
Yesterday, AMC’s stock value surged by over 120%, reaching an all-time high of $70 per share. This surge was mainly driven by individual traders from the WallStreetBets subreddit trying to counter hedge funds shorting AMC stock. Interestingly, AMC’s CEO, Adam Aron, showed support for these investors by offering them special perks at AMC theaters.
After the surge, AMC announced the sale of an additional 11,550,000 shares of Class A stock. This news caused extreme volatility in the market, resulting in the temporary halt of AMC stock trading. The stock price also decreased by 26.14% following the announcement.
Despite the fluctuations, many traders are holding onto their AMC shares, viewing the market volatility as a tactic by Wall Street to deter them.
$AMC don’t fall for the manipulation.
Hasn’t even been 30 mins yet. #amcstock #AMCSqueeze pic.twitter.com/OLwuz6tIeE— Mike Wazowski (@TheRealMike803) June 3, 2021
$AMC apes, we knew this was coming. We knew this push to incite panic selling was going to happen. I don’t know about you but I’m not selling. This exactly as expected. The gains will be greater from the bounce. #amcstock #AMCSTRONG
— Mike Kappel (@CCMbuilds) June 3, 2021
$AMC halting up now…This #amcstock is going to recover and continue to rip. This is insane. #AMC apes are strong and are buying the dip from what I can see.
— The Stock Pessimist (@PessimistStock) June 3, 2021
