Why Is AMC Entertainment Trading Higher Again Today?
8:12 am ET May 18, 2021 (Benzinga) Print
AMC Entertainment Holdings Inc (NYSE: AMC) is trading higher again Tuesday as retail traders continue to try to "squeeze" the stock higher.
What Happened: On May 6, the movie theatre chain reported quarterly earnings and revenue that came in below estimates. However, the company issued optimistic forward-looking statements.
"We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months," said Adam Aron, president and CEO of AMC.
The company also announced that it completed a 43-million-share at-the-market equity program May 13 that raised approximately $428 million.
Why It Matters: Once again, AMC is trending across social media platforms.
On Twitter, #AMCtothemoon is trending. AMC Entertainment is one of the most mentioned stocks on the popular subreddit r/wallstreetbets.
AMC Entertainment was also the No. 1 trending stock on Stocktwits at publication time.
The most telling element of the stock's recent move might be the fact that other "meme" stocks are trading higher alongside AMC Entertainment Tuesday.
AMC Price Action: AMC Entertainment has rallied over 55% in the last seven trading sessions. At last check Tuesday, the stock was up 7.24% in premarket trading at $14.96.
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