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Shares of movie theater chain AMC Entertainment Holdings Inc. To start another week, with the company’s stock soaring sharply amid a social media campaign to pay it nearly $60 a share.
The so-called #AMCDay was the third most popular trend on Twitter on Monday, presumably helping to give new catalyst to one of the year’s most popular meme.
AMC shares are up 15.38%, up 2,659% so far in 2021 as individual investors gather on social media sites like Reddit and Discord to help drive up values and hurt investors who are betting hard on a comeback to the ground. and other meme stocks, such as GameStop Corp. GME, at -1.67%
AMC shares rose 15.4% Monday to close at $57, just below their June 2 peak of $62.55, according to FactSet data.
Shares of GameStop, another popular meme stock, are down 1.7% but are up 1117% so far this year.
By comparison, the Dow Jones Industrial Average DJIA, up -0.25%, is up more than 12% this year, while the S&P 500 SPX +0.18% is up 13.3% and the Nasdaq Composite, +0.74%, is up 10%.
The performance of so-called AMC shares has helped build a market capitalization close to $30 billion, although many analysts feel the company will struggle to match its valuation in earnings or revenue.
#AMCDay appears to be a trend that launched a month ago but was gaining traction on Monday, perhaps, as “The Quiet Place” became the first film to cross $100 million at the US box office in the pandemic era and as individual traders optimistic the desire to watch is expected to increase. Movies in the lead-up to Marvel’s “Black Widow,” which was due to debut in early July, even when it’s showing concurrently on Disney+ Premier for $29.99.
Supporters of AMC stocks see these developments as bullish.
On social media platforms, fans promoted the day and posted pictures of diamond hands, a term that defines a long-term investor in a popular asset, despite its volatility.
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