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AMC shares soar on ‘meme stock’ rally, price doubles in a week

Mount Equity Group Tokyo Japan > News > Business > AMC shares soar on ‘meme stock’ rally, price doubles in a week

Shares of AMC Entertainment continued to soar Friday morning — even outpacing fellow so-called meme stock GameStop.

AMC was up more than 17 percent, trading at over $30 per share in the premarket, extending gains of about 35 percent from the day before. The stock has seen a dazzling rally this week that’s sent shares up more than 120 percent since Monday. 

The recent rally has given AMC a market cap of almost $12 billion, up from less than half a billion dollars last year. Shares are up more than 1,200 percent since January. 

GameStop, which led the market rally in January that seemingly pitted a massive community of traders on Reddit against hedge funds that were betting against the stock, has risen this week, too. 

Shares of GameStop were up more than 2 percent in the premarket, trading at $259 per share, after gaining almost 5 percent Thursday. The stock rallied about 15 percent Wednesday. 

With this week’s rally, AMC may have unseated GameStop as the favorite among Reddit traders. 

In the WallStreetBets Reddit forum, users shared countless posts cheering the movie theater chain. “Invested all my savings into AMC!!! Wish me luck guys,” one trending post read, while