Yesterday saw two popular names take a tumble, setting social media ablaze with speculation. GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) stock struggled to start the week, although both have recovered slightly. Now, with some retail investors hoping for another short squeeze, AMC’s apes are working around the clock. They want to help the company they love regain the momentum it needs to start climbing again. Today, this has meant getting #AMC500K trending on Twitter.
What’s Happening With AMC Stock
AMC stock has been on a wild ride this morning, currently trading up over 3%. Although shares are still up more than 1,000% in the year to date, the last few weeks have not been as kind to fans. In fact, the last month has seen the stock drop 40%, causing some investors to push for increased momentum.
December hasn’t been a great month for GameStop, either, which is down 10% over the past 5 trading days. That said, GME stock is also having a more promising day with shares recovering.
It seems then that AMC’s digital army is finding success today, drawing renewed attention to meme stocks and aiding in their recovery.
Why It Matters
The most popular tweet using this hashtag so far simply states “#AMC500K is trending,” followed by several fire emojis. That’s a pretty good analogy for what’s been happening, though. Ape energy is high as AMC investors push for a bullish play on their favorite stock. #AMCNOTLEAVING and #AMCtothemoon have also been gaining traction as the momentum mounts.
#AMC500K is Trending
— $AMC (@Crypto72749460) December 14, 2021
It’s well established that this trend spawned from the recent news that investors were offloading shares in both popular meme stocks. It hasn’t been helped by the fact that two of AMC’s top executives — CEO Adam Aron and CFO Sean Goodman — recently sold portions of their shares. That said, events of this sort only entice the contrarian investors of Twitter and r/WallStreetBets to fight harder, and that’s exactly what we’re seeing today.
What It Means
As of now, it is unclear just how today’s events will ultimately play out for AMC stock. What is clear is that the ape army has demonstrated a clear ability to push the stock up, helping it work against the friction created by the recent share dumps. They are motivated, and so far, their push for a bullish play on AMC stock is working.
The stock is currently rising and as of now, it isn’t showing signs of slowing down. Considering it was still in the red earlier today, that’s a development worth paying attention to. Everyone should be keeping an eye on AMC stock.
On the date of publication, Samuel O’Brient 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.