AMC Stock Price Increased 10.06%: Why It Happened

By Amit Chowdhry ● June 18, 2021
  • The stock price of AMC Entertainment Holdings Inc (NYSE: AMC) increased by 10.06% yesterday. This is why it happened.

The stock price of AMC Entertainment Holdings Inc (NYSE: AMC) increased by 10.06% yesterday, going from a previous close of $55.18 to $60.73. Investors responded positively to AMC CEO Adam Aron writing a series of tweets asking retail investors to approve another 25 million shares to become available for sale. Below is the series of tweets that were published:

AMC had become a favorite by retail investors who are active on social media platforms like Reddit, Twitter, StockTwits, Facebook Groups, Discord, etc. AMC’s stock price is up 2,921.39% year-to-date so far. And it was one of the “meme stocks” that was short squeezed by the “Wall Street Bets” community on Reddit in late January and early February.

As the stock price grew, AMC raised capital by issuing more shares. In total, AMC raised about $1.25 billion in the past month. With the capital, AMC plans to pay down debt, buy more properties, and make its theaters more modern.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.