AMC Entertainment (NYSE:AMC) stock is soaring higher on Wednesday as it might be the next big target of Reddit’s WallStreetBets.
AMC stock is seeing an absolutely crazy amount of movement ahead of the market opening today. The stock started to see this increase after markets closed on Tuesday and it doesn’t look like there are any plans for it to stop.
AMC Entertainment shares many qualities that have made other stocks the target of r/WallStreetBets. That includes it being a company thought dead with the novel coronavirus killing many physical businesses. It’s also worth noting it’s been the target of short-sellers.
Adding to this is recent positive news from AMC Entertainment. The company announced earlier this week that it raised $917 million in new capital. AMC president and CEO Adam Aron confirmed that this funding has ensured an AMC bankruptcy won’t take place anytime soon.
With all this in mind, it’s no surprise that retail investors over on Reddit WSB are targeting AMC stock in a similar way to GameStop (NYSE:GME). It doesn’t take much to confirm this either as there are several threads on the forum talking about holding onto shares of the movie theater company.
AMC stock moved more than 391 million shares yesterday. That’s a hefty spike compared to its average daily trading volume of 54 million shares. Investors should expect to see continued heavy trading of the stock today.
AMC stock was up 329.6% in pre-market trading on Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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