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June 14, 2021, 5:08 p.m. EDT

AMC shares surge over 15% on #AMCDay as meme traders aim to push movie chain’s shares back above $60

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By Mark DeCambre

Shares of movie-theater chain AMC Entertainment Holdings Inc. were aloft to start another week, with the company’s stock sharply higher amid a social-media campaign to push it toward $60 a share.

So-called #AMCDay was the third-most popular trend on Twitter on Monday, and presumably helping give a fresh catalyst to the one of the most popular meme stocks this year.

Shares of AMC /zigman2/quotes/200235402/composite AMC -4.00% have climbed 2,659% so far in 2021 as individual investors on social-media sites like Reddit and Discord have come together to help drive up values and hurt investors who are betting heavily on a return to Earth for it and other meme stocks, such as GameStop Corp. /zigman2/quotes/203755179/composite GME -0.68%

AMC shares rose 15.4% on Monday to close at $57, just below its June 2 peak at $62.55, according to FactSet data.

Shares of GameStop, another popular meme stock fell 1.7% but have gained 1,117% thus far this year.

By comparison, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.48% , has rallied more than 12% this year, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.91% has gained 13.3% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.91% has advanced 10%.

The performance of so-called me stocks has helped to AMC build a market capitalization approaching $30 billion, though many analysts feel the company will struggle to match its valuation in earnings or revenue.

#AMCDay appears to be a trend that was launched a month ago but was gaining traction on Monday, perhaps, as “The Quiet Place” became the first movie to surpass $100 million at the U.S. box office in the pandemic era and as bullish individual traders anticipated moviegoing to increase in the lead-up to Marvel franchise tentpole “Black Widow,” which was set to make its debut in early July, even as it is set to simultaneously go live on Disney+ Premier for $29.99 .

Backers of AMC shares view these developments as bullish.

On social-media platforms, fans touted the day and posted images of diamond hands, which is a term that defines a long-term investor in a popular asset, despite its vagaries.

/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 44.20
-1.84 -4.00%
Volume: 68.73M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$22.69 billion
Rev. per Employee
$43,642
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 204.97
-1.40 -0.68%
Volume: 3.95M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$15.68 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,584.88
-166.44 -0.48%
Volume: 577.97M
Sept. 17, 2021 5:25p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,432.99
-40.76 -0.91%
Volume: 3.79B
Sept. 17, 2021 5:25p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
15,043.97
-137.96 -0.91%
Volume: 6.16M
Sept. 17, 2021 5:16p
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