AMC surges 126% as Reddit cheerleaders overpower large hedge-fund share sale
- Shares of
AMC Entertainmentsurged as much as 126% on Wednesday before trading was halted for volatility.
- The move comes after hedge fund
Mudrick Capitaldumped shares on the same day it was disclosed the firm bought 8.5 million units. Retail traderson sites like
AMC Entertainment surged Wednesday despite a share dump from hedge fund Mudrick Capital.
Shares of the world's largest movie theater operator jumped as much as 126% to trade around $72, triggering a halt for volatility. The surge built on Tuesday's gains, which pushed the stock 23% higher during the session to close at $32.04.
AMC has led a broader rally in
Retail traders have invested in heavily shorted stocks like AMC and GameStop, in an effort to squeeze short sellers, who have lost billions on their bets. But shorts haven't given up as short interest in the stocks is 21%, according to MarketBeat data.If you're a Millennial or Gen Z investor willing to share your investing experience, reach out to the reporter of this article at email@example.com. Read more: Morgan Stanley identifies 28 underappreciated, high-quality stocks to own as the market's most expensive names are due to continue underperforming
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