AMC Empire 25 in Times Square is open as New York City theaters reopen on March 5, 2021 for the first time in a year since the coronavirus shutdown.
Angela Weiss | AFP | Getty Images
AMC Entertainment’s buying frenzy continued as the cinema chain’s shares rose in expanded trading on Wednesday.
Meme stock rose about 7% after the bell.
The move comes after Meme stock rose 95% in Wednesday’s regular trading session, closing at an all-time high of $ 62.55. The previous closing record of $ 35.86 was hit in 2015, according to FactSet data.
AMC stock climbed to an intraday high of $ 72.62, well above its previous intraday record of $ 36.72.
Trading was interrupted several times on Wednesday as stocks rose more than 100% at times. At the end of the day, more than 710 million shares changed hands. That’s almost double the outstanding shares of AMC. The company’s 30-day average volume is only 143 million shares.
Retail investors – many active on Reddit’s WallStreetBets forum – led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a new portal to connect with individual investors, offering free popcorn, exclusive demonstrations, and other perks to those who hold its shares.
The fierce trading activity on Wednesday even comes after an investment firm reportedly sold its stake in the company. On Tuesday, AMC announced that it had sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital increases for the stock. The hedge fund later sold all of its AMC shares for a profit on the same day, according to Bloomberg News.
– With coverage by Sarah Whitten of CNBC.
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