AMC Entertainment shares soar as much as 52%, hitting 4-year

Author : hokous9982
Publish Date : 2021-05-29 11:20:10


AMC Entertainment shares soar as much as 52%, hitting 4-year

(Reuters) -Shares in AMC Entertainment soared on Thursday, last up around 34% at $26.33 and the top volume trade on U.S. exchanges as investors on social media forums scooped up shares in the cinema operator, pushing its market value above $13 billion at the session high.

AMC gained momentum after hitting $20.36 early in the session, its peak for late January when it was caught up in a surge of buying by retail investors inspired by online investor forums such as Reddit’s WallStreetBets.

Trading volume and price gains accelerated in afternoon trading before hitting a session peak of $29.76 at around 2 p.m. EDT (1800 GMT) and then paring gains slightly.

It was…
Analysts covering the stock say they are optimistic business trends will improve for AMC as consumers become more confident about returning to movie theaters after their COVID-19 vaccinations and flock to summer releases.

However, they pointed to enthusiasm among day traders following meme stocks as main the reason for Thursday’s gains, rather than fundamental business reasons.

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“This is not driven by institutional demand. This is driven by retail day traders … it’s not trading on fundamentals. It’s a meme,” said Wedbush Securities analyst Michael Pachter who has a $6.50 price target on the stock. “It’s just silly.”

With about 665 million shares already changing hands an hour before the market close, Thursday’s volume was the highest since Jan. 27 and already eclipsed AMC’s 450 million total shares outstanding according to the latest data from Refinitiv.

About 20.32% of AMC’s float have been sold short according to the latest data from S3 Partners which says AMC short sellers have been covering some of their exposure lately.

President Jimmy Carter signs emergency natural gas legislation in the Oval Office of the White House in Washington, D.C., on Feb. 2, 1977. An oil crisis contributed to a period of double-digit inflation in the 1970s.


President Jimmy Carter signs emergency natural gas legislation in the Oval Office of the White House in Washington, D.C., on Feb. 2, 1977. An oil crisis contributed to a period of double-digit inflation in the 1970s.

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They could become even more valuable as the White House is likely to seek higher taxes to fund expanded government programs. During his campaign, President Biden proposed chopping the estate tax exclusion from its current level of $11.7 million per person. If the exemption is lowered to $5 million or even $3.5 million, as some in Congress want and Biden has suggested, millions of American families suddenly could be looking for ways to reduce their estates.

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Soaring assets and stocks in the past year have in some cases handed midlevel workers huge windfalls.

Those who have benefited from the market surge typically fall into one of three categories, said Sahil Vakil, founder of personal-finance tech company MYRA: They were given company shares as compensation and those same shares recently boomed; they caught last year’s retail investing frenzy and rode the market to new highs; or they invested early on in cryptocurrency, to great success.

The Nasdaq Composite rose nearly 47% over the past 12 months, and even after a recent pullback, a crypto investor who put $10,000 in

at the end of 2019 could have netted more than $50,000 in gains after bitcoin’s 2020-21 surge.

The Nasdaq Composite rose nearly 47% over the past 12 months, and even after a recent pullback, a crypto investor who put $10,000 in at the end of 2019 could have netted more than $50,000 in gains after bitcoin’s 2020-21 surge.

In the past year, more than half of Mr. Vakil’s clients have experienced a market windfall. On the East Coast, Mr. Vakil says his clients typically work in the finance and consulting sectors; on the West Coast, most are working in the tech industry. The average household he works with holds $250,000 in assets and falls between the ages of 25 and 45.



Category : business

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