AMC rally continues as stocks surge in trading after close
AMC Empire 25 off Times Square is open as New York cinemas reopen for the first time in a year after the coronavirus shutdown on March 5, 2021.
Angela Weiss | AFP | Getty Images
the AMC Entertainment The buying frenzy continued as the theater chain’s shares surged in extended trading on Wednesday.
The action of memes increased by about 7% after the bell.
The movement comes after the stock of meme climbed 95% during the regular trading session Wednesday to close at a record high of $ 62.55. Its previous closing record of $ 35.86 was reached in 2015, according to FactSet data.
AMC stock hit an intraday high of $ 72.62, well above its previous intraday high of $ 36.72.
Trading was halted several times on Wednesday, with stocks rising more than 100% at one point. At the end of the day, over 710 million shares have traded hands. This is almost double the number of AMC shares outstanding. The company’s 30-day average volume is just 143 million shares.
Retail investors – many of whom are active on Reddit’s WallStreetBets forum – led AMC’s rally, and AMC executives have taken note. On Wednesday, the company announced a new portal to connect with individual investors and offered free popcorn, exclusive screenings and other perks to those who hold his stock.
Wednesday’s wild trading activity comes even after an investment firm reportedly sold its stake in the company. AMC revealed it on Tuesday sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital increases for the title. The hedge fund later sold all of his AMC shares for a profit that same day, according to Bloomberg News.
– With report of CNBC Sarah whitten.
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