AMC Stock Surge and Halt: What The Hell Happened?

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Gabriel Negrin
Gabriel Negrin

Writer, content creator, and marketer with more than five years of experience in the cryptographic world. Specialized in researching current topics and new emerging technologies in the blockchain space. 

A movement we saw a short time ago is reborn. A sort of continuation of what occurred in January of this year. This time we are not talking about Gamestop, but one of the favorites of investors at present: AMC. 

AMC: PAUSE TO CONTINUE

Shares of this U.S. movie theater chain saw a new price resurgence. The rise was so powerful that trading in the stock had to be put on hold. We are talking about a 92% rise which took it to a new all-time high.

After several days on the rise, AMC shares opened today at 37.52 per share. After a slow but exponential rise of 92%, trading in its shares was halted when the price reached $61.71. 

At 12:35 the market resumed. The share price fell to 51.35. But that was only a step back before it began to rise again. After a half an hour, the stock rose further to 68.60 per share at the time of writing. A meteoric rise of more than 114% in one day! 

This has further contributed to the euphoria around AMC stock. Exactly one week ago, the stock price was close to $17. A month ago, the price was no higher than $10. 

A BIT OF HISTORY AND EUPHORIA

These highly volatile movements are comparable to those of late January. During that period, the stock jumped from $4.42 to $19.90 in a matter of three days. 

This managed to get on everyone’s radar. Now, at this moment, “#AMCARMY” and “#AMC500k” are among the world’s top trending topics on Twitter. 

Following reports of large hedge funds losing hundreds of millions trying to short AMC, there was even more momentum. And AMC of course embraced all of the investors who are responsible for this rise. One of their ideas is to give away free large popcorn to retail investors

AMC also announced yesterday that it raised $230 million after selling more than 8 million shares. All of this further added to the euphoria over the stock from r/WallStreetBets.

To conclude, there continues to be a ton of talk about penny stocks, market manipulation, and whatnot. But there is only one truth — retail investors in AMC have saved a nearly bankrupt company. Manipulation for some — those hedge funds that lost millions. Salvation for others — a company hard hit by the pandemic.

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