AMC Entertainment Holdings Inc (NYSE: AMC) was up sharply on Thursday as retail traders regroup in an attempt to “squeeze” the stock higher.
What happened: AMC released its first quarter financial results on May 6. The company reported a loss of earnings of $ 1.42 per share, missing the estimate of a loss of $ 1.26 per share. It reported quarterly revenue of $ 147.4 million, which is lower than the estimate of $ 153.61 million.
“We started 2021 with the same conviction, drive and commitment that has enabled AMC to successfully navigate the most difficult 12-month period in AMC’s century of history,” said Adam Aron, President and CEO of AMC. “We can finally say that we envision an increasingly favorable environment for cinema and for AMC as a company over the coming months.”
See also: How to buy AMC shares
Why is this important: AMC action is all the rage on social media platforms.
On Twitter, #AMCSqueeze is all the rage as investors discuss a potential short squeeze for the stock. Short-term sell price action became popular after shares of GameStop Corp (NYSE: GME) soared earlier this year as traders on the r / wallstreetbets subreddit posted messages asking others to help drive the stock up.
AMC is currently all the rage on r / wallstreetbets with posts asking traders to buy and hold stocks. AMC is also a leading ticker on Stocktwits, as posts flood the platform expressing similar intentions.
Price action: AMC traded up to $ 20.36 and up to $ 1.91 over a 52 week period. As of the last check on Thursday, the stock was up 15% to $ 11.88.
photo by SridharSaraf from Flickr.