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AMC Theaters stock rose 80% on Monday after meme stock investor Roaring Kitty resurfaced online.
Shares of parent company AMC Entertainment Holdings, led by CEO Adam Aron, rose $2.28 to end the day at $5.19. It’s a big jump after AMC’s stock price has plummeted since the movie giant took advantage of the meme stock mania to raise new capital to stay afloat during the pandemic.
The latest speculative purchase of AMC stock comes as Roaring Kitty, also known as Keith Gill, returns online after a three-year hiatus, reigniting interest in the movie theater chain’s stock. .his Post it to X, The company, formerly Twitter, received more than 18 million views and GameStop shares rose $12.99, or 74%, to close at $30.45 on Monday.
The return of meme stock mania to the video game retailer effectively helped AMC ride the latest wave of retail investor interest on Wall Street. A representative for AMC Theaters had no comment when asked about the dramatic rise in AMC stock amid the resurgence of GameStop meme stock mania.
The movie theater chain has seen its stock price rise and fall dramatically since 2021, encouraged by Reddit, where Roaring Kitty was an influence, and retail traders embracing the company’s stock as a meme stock. ing. Online traders bought AMC stock, sending its value soaring (as much as $35 at one point in 2021), allowing the company to start selling shares for a financial lifeline.
That comes in the face of opposition from retail traders known as “monkeys,” causing AMC stock to plummet in value in 2023.GameStop’s story was detailed in a Sony feature last year dumb moneyPaul Dano plays Keith Gill.
