AMC’s 3,059% stock gain empowers retail army
AMC hit its first record close since March 2015.
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SlateStone Wealth chief market strategist Kenny Polcari, Kaltbaum Capital Management President Gary Kaltbaum and Grit Capital CEO, investor and consultant Genevieve Roch-Decter discuss meme stocks like AMC and today’s markets.
AMC investors are riding a wave of gains that are surprising even the most seasoned investors.
The stock has advanced 3059.09% from its 52-week closing low of $1.98 on January 5, 2021, as tracked by Dow Jones Market Data Group.
Wednesday alone, shares popped more than 100% before closing with a 95% gain, amid three trading halts by the New York Stock Exchange.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 3.29 | -0.11 | -3.24% |
The $62.55 per share price is the first record close since March of 2015.
AMC's market cap, at $28 billion, is now more than American Airlines and United, which stand at $16.5B and $19B, respectively.
AMC CEO OFFERS RETAIL TRADERS POPCORN AND COMMUNICATION TOOL
The latest ascent was powered by the theater chain's offer of free popcorn along with an investor portal geared to the more than 3 million retail investors who make up the company's shareholder base.
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This stock move came one day after the company announced a $230 million stock sale to Mudrick Capital, in which 8.5 million shares of Class A common stock were sold at $27.12 apiece, a 3.8% premium over Friday’s closing price. Shortly after the announcement, reports circulated Mudrick had sold all of its AMC shares, per Bloomberg. Mudrick did not return inquiries for comment.
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CEO Adam Aron is AMC's largest shareholder owning 0.76% of company shares, as compiled by Thomson.