Why AMC Shares Spiked 78% Today

The shares of AMC Entertainment Holdings Inc. AMC surged over 78% in the regular and after-hours sessions on Tuesday.

What Happened: The stock of the movie theater chain, which struggled to hold together during the COVID-19 pandemic, is subject of a short squeeze led by Reddit community WallStreetBets that is also leading to a surge in stocks of GameStop Corp. GME, BlackBerry Ltd. BB, and Nokia Oyj NOK.

AMC on Monday also announced it had successfully raised $1 billion in fresh capital since December.

The Kansas-based company’s shares traded 65.9% higher at $8.23 in the after-hours session on Tuesday, after closing the regular session 12.2% higher at $4.96. 

AMC shares have surged about 288.2% year-to-date.

Photo courtesy: Coolcaesar via Wikimedia