WallStreetBets favorites and meme-themed cryptocurrencies continued to see high interest from retail investors in the month of May, including GameStop .
AMC Stock Up 35% Attributed to High Trading Volume by Reddit Enthusiasts
5 hours ago by Steve Muchoki · 2 min read
Photo: Depositphotos
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AMC stock surge has come as a surprise to many Wall Street analysts especially due to headwinds caused by the global COVID-19 pandemic.
AMC Entertainment Holdings Inc (NYSE: AMC) stock experienced a surge on Thursday by over 47%, closing the day trading at $26.52 (with a 35.6% rise). Meanwhile, the AMC stock had added approximately 10% during Friday’s pre-market. The soaring stock was attributed to speculative trading by WallStreetBets Reddit forum enthusiasts, which according to stock analysts from the Bank of America, made AMC stock the most popular. This envious position was initially held by GameStop Corporation (NYSE: GME), AMC’s meme stock peer which early this year had experienced a record 400% short squeeze within a single week. However, on Thursday GameStop shares went up only 4.