AMC rally continues as shares bounce in after-hours buying and selling
The AMC Leisure shopping for frenzy continued as shares of the movie show chain jumped in prolonged buying and selling on Wednesday.
The meme inventory was up about 7% after the bell.
The transfer comes after AMC soared 95% within the common buying and selling session Wednesday to shut at an all-time excessive of $62.55. Its earlier closing file of $35.86 was reached in 2015, in response to FactSet knowledge.
AMC’s inventory spiked because it hit an intraday excessive of $72.62, nicely above its earlier intraday file of $36.72.
Buying and selling was halted a number of instances Wednesday as shares had been up greater than 100% at one level. On the finish of the day, greater than 710 million shares exchanged palms. That is almost double the variety of AMC’s shares excellent. The corporate’s 30-day common quantity is simply 143 million shares.
Retail traders — many energetic on Reddit’s WallStreetBets discussion board — led the AMC rally, and AMC executives have taken observe. On Wednesday, the corporate introduced a new portal to attach with particular person traders and provided free popcorn, unique screenings and different perks to those that maintain its inventory.
Wednesday’s wild buying and selling exercise comes even after an funding agency reportedly offered off its stake within the firm. On Tuesday, AMC revealed it offered 8.5 million newly issued shares to Mudrick Capital, the most recent in a sequence of capital raises for the inventory. The hedge fund later offered all of its AMC inventory for a revenue that very same day, in response to Bloomberg Information.
— CNBC’s Sarah Whitten contributed to this report.
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