AMC Entertainment (NYSE:AMC) stock was stock soaring higher on Tuesday on continued movement from positive news on Monday.
That news is that movie theaters are finally going to be able to reopen in New York. The announcement was made by Gov. Andrew Cuomo. It will have theaters reopening next week with AMC choosing to do so on March 5.
While theaters are reopening, it isn’t without restrictions. They can only remain at 25% capacity and can have no more than 50 people per screen. While that’s definitely good news, it’s worth noting that a lack of major releases means it could be some time before AMC can rebuild its audience, reports Barron’s.
It isn’t only the movie theaters reopening announcement that has AMC stock on the rise lately. The company’s stock has also been the target of retail investors looking to boost it higher. That includes those over on Reddit WallStreetBets. This wouldn’t be the first time that this type of investor has boosted the stock up.
The increasing interest in AMC stock has shares trading heavily on Tuesday. As of this writing, more than 77 million shares of the stock have changed hands. That’s still off from its daily average trading volume of 127 million shares but is a strong start to the day.
AMC stock was up 5.1% as of Tuesday morning and is up 242.8% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.