The trending AMC Entertainment (NYSE:AMC) hashtag of the day is #AMCUndefeated! The company is seeing its legion of fanatic shareholders taking to Twitter yet again to rally around the theater stock. A selloff is catalyzing the social media activity, as AMC stock continues to slip. However, the hashtag represents a new bullish catalyst found via Scarlett Johansson.
AMC is seeing a mass migration back to its theaters as part of a meaningful post-pandemic rebound. Remember, the company was hanging by a thread in January. Marvel Studios’ Black Widow just launched and is already helping the AMC rocket.
Indeed, it generated an estimated $80 million in the U.S. and Canada through its opening weekend.
Notably for investors, eight of the 10 busiest theaters in the country for this release were AMC theaters. Ultimately, the theater chain saw a whopping 3.2 million customers at its U.S. locations this past weekend, the busiest weekend it has seen in 16 months. Middle Eastern and European locations saw over 650,000 customers.
Theater Chain Stays #AMCUndefeated After Huge Weekend, Twitter Rallies
Regardless of the big weekend for the theater chain, AMC stock is sliding today. Shares are down roughly 6% on relatively low trading volume.
And of course, when a selloff occurs, the Twitter troops rally. #AMCUndefeated is trending today, most likely as a result of the bearish market. Investors are encouraging their fellow AMC buyers to hold their stock and to not be frightened by the dip. The hashtag has seen over 2,000 tweets as of this writing.
— Steven (@chief420247) July 12, 2021
As it stands now, AMC stock is still one of the top names among Reddit investors on r/WallStreetBets. In fact, mentions of the stock have gone up nearly 300% in the last day. Short interest is still high on the stock at 17%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.