The “same stocks” are back after the GameStop affair. It’s been several weeks since investors calmed down on Reddit’s WallStreetBets forum, but now AMC stock is back at very high levels. Yesterday the price rose 95.6% over the course of the day.
The cinema chain was one of the most coveted titles at the end of January 2021, right after GameStop and its video game stores. Today, however, AMC is making headlines and the reason for this lies directly with management.
Yesterday the company announced “AMC Investor Connect,” or the perfect solution, to encourage these small investors to continue to rescue AMC during this time of health crisis. On the portal: access to new information, discounts … and free popcorn.
AMC at all-time high
The announcement triggered a real tidal wave. AMC stock traded at $ 62.55 last night, the company’s all-time high since going public in 2013. It is currently valued at $ 28 billion, up 3,000% from last year.
The situation must be unprecedented. Four months ago, GameStop did not encourage retail investors who bought its shares en masse. The company had even chosen to stop all communications and its comments on the situation were very rare.
Does AMC run the risk of being accused of market manipulation? It will be up to the SEC to decide. No announcement of this style has been published by the agency at this time.
Equally unprecedented, the situation far exceeds the January 27 surge, when AMC followed the same popularity as GameStop with WallStreetBets. And four months ago the cinema chain announced that private investors hold 80% of their capital.
“After all, these people are the owners of AMC and I work for them,” said Adam Aron, the company’s CEO, in a statement yesterday.