AMC soars 15% as Reddit stocks and reopening favorites buck tech sell-off
- Shares of AMC Entertainment soared as high as 18% Monday, joining a broader rally and bucking the tech sell-off.
- AMC was boosted on news that Wedbush doubled its price target on optimism around the economic recovery.
- Reddit favorite Gamestop also surged on Monday as well as airline companies.
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Shares of AMC Entertainment soared 18% on Monday, joining a broader rally as Reddit darlings and reopening favorites bucked the tech sell-off. The stock pared some gains, closing 15% higher for the day.
AMC joined Reddit favorite Gamestop on Monday, which surged 43% after the video game retailer announced that board member and Chewy founder Ryan Cohen will lead its strategic transformation. Cohen has been pushing for the company to go towards a direction similar to what e-commerce giant Amazon took.Airline companies including Delta, Southwest, United, and American, all climbed as well on optimism of an economic recovery thanks to the Senate's approval of the administration's $1.9 trillion stimulus plan over the weekend. Disney, meanwhile, hit a record high as California set a date of April 1 for a limited reopening of theme parks in the state.
The Wedbush report cited that AMC has been taking the right re-opening precautions, which has allowed it "to drive some attendance over the last several months, while many major
The analyst maintained a neutral rating that has been in place since March 2020.Since the start of the year, AMC's stock price has skyrocketed more than 500% driven in large part by a group of retail traders on Reddit's Wall Street Bets forum targeting stocks shorted by hedge funds.
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