What's Going On With AMC Entertainment Today?
AMC Entertainment Holdings Inc (NYSE:AMC) is surging on Thursday as retail traders band together in an attempt to "squeeze" the stock higher.
What Happened: AMC reported first-quarter financial results on May 6. The company reported an earnings loss of $1.42 per share, missing the estimate for a loss of $1.26 per share. It reported quarterly revenue of $147.4 million, which came in below the estimate of $153.61 million.
“We started 2021 with the same conviction, drive and commitment that saw AMC successfully navigate the most challenging 12-month period in AMC’s century-long history," said Adam Aron, president and CEO of AMC. "We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months."
See also: How to Buy AMC Stock
Why It Matters: AMC's stock is trending on social media platforms.
On Twitter, #AMCSqueeze is trending as investors discuss a potential short squeeze for the stock. Short squeeze price action became popular after shares of GameStop Corp (NYSE:GME) rocketed higher earlier this year as traders on the subreddit r/wallstreetbets made posts asking others to help push the stock higher.
AMC is currently trending on r/wallstreetbets with posts asking traders to buy and hold the stock. AMC is also a top trending ticker on Stocktwits as posts flood the platform expressing similar intentions.
Price Action: AMC traded as high as $20.36 and as low as $1.91 over a 52-week period. At last check Thursday, the stock was up 15% at $11.88.
Photo by SridharSaraf from Flickr.
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