Shares of Sundial Growers (NASDAQ: SNDL) and AMC Entertainment (NYSE: AMC) gave back a portion of their recent gains on Friday. After rocketing from $12.08 on May 21 to as high as $72.62 on June 2, AMC's shares have pulled back sharply in recent days. AMC has a legion of fans on social media sites like Reddit and Twitter. Read More...
Reuters
AMC’s wild week ends with nearly 85% gain in renewed meme stock craze
“AMC has a very strong following of believers,” said Dennis Dick, proprietary trader at Bright Trading LLC. “They’re trying to hold strong, and they believe they’re going to drive this to the moon.” AMC has been at the center of a fresh wave of buying by retail investors who hyped the stock in forums such as Reddit’s WallStreetBets, breathing new life into a phenomenon that began with January’s more than 1,600% gain in GameStop. The past week’s blistering rally saw the market capitalization of AMC, which was at the brink of bankruptcy not long ago, swell to nearly $24 billion and put its year-to-date gain at 2,160%.
Add Comment