AMC Entertainment Holdings Inc experienced a significant increase in its shares by 7.8% to $5.29 Thursday afternoon, driven by the enthusiasm of retail investors focusing on meme stocks. This surge in AMC shares was part of a broader trend sparked by Keith Gill, popularly known as “Roaring Kitty,” whose tweet on Thursday also caused GameStop Corp shares to soar by over 11%, igniting speculation about a potential resurgence in meme-stock interest.
Keith Gill's Thursday tweet, which was filled with cultural and financial references, has once again shone a spotlight on stocks related to retail investor movements like AMC. The close correlation between the performances of AMC and GameStop during past retail trading frenzies suggests that their shared investor bases often react in sync to market events and sentiments, which may explain the simultaneous rise in their stock prices following Gill's tweet.
Additionally, the timing of this surge in AMC shares is noteworthy as the company has been working to improve its financial position and leverage recent successes in the box office. The impact of Roaring Kitty's tweets on trading volumes in popular retail trader stocks is not unprecedented, indicating the influence of social media personalities on stock market movements. In a similar vein, shares of KOSS Corp, a manufacturer of high-end headphones and audio products, saw a 3.8% increase to $7.18 during Thursday's trading, while BlackBerry Ltd witnessed a significant uptick as investors speculated on a broader resurgence in retail-driven stocks. Amidst this heightened interest, it's important to note that AMC previously reached a 52-week high of $11.88 and a low of $2.38, showcasing the volatility and potential for fluctuation in its stock price.