AMC Entertainment (NYSE:AMC) stock is soaring higher on Monday following the theater chain’s successful investment in Hycroft Mining (NASDAQ:HYMC).
The investment from AMC came as a shock to the market when it was announced earlier this month. It saw two meme stocks, those favored by retail and Reddit traders, work together to keep Hycroft Mining from going bankrupt.
And it doesn’t sound like this will be the last time AMC Entertainment makes an investment in a fellow meme stock. Company CEO Adam Aron said the following in an interview with Reuters on Sunday.
“I’d like to think there will be more third-party external M&A announcements going forward where AMC can reach for the stars and intriguing investments that have potentially attractive returns.”
Aron already points to the success of its investment in HYMC as reason to believe more will follow. The company picked up shares and warrants of the stock at $1.07 each. Now the mining company’s stock is trading at $1.89 this afternoon.
Both AMC and HYMC stock are also seeing heavy trading today as retail traders boost the stocks higher. As of this writing, some 106 million shares of AMC stock have traded, as compared to its daily average trading volume of 48.1 million shares. In the case of HYMC stock, over 183 shares are on the move, with its daily average trading volume being 28.9 million shares.
AMC stock is up 25.1% and HYMC stock is up 47.6% as of Monday afternoon.
Investors on the lookout for more stock market news are in the right place!
We’ve got all the latest stock market news that traders need to know about today! That includes Tesla (NASDAQ:TSLA) stock split news, why Mullen Automotive (NASDAQ:MULN) is gaining, as well as what has Plantronics (NYSE:POLY) stock soaring today. You can find all of this at the following links!
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On the date of publication, William White 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.
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