Shares in AMC Entertainment (AMC.N) closed up 24.5% on Tuesday after a late session volume spike boosted the cinema operator which has been a big focus on social media.
Closed signs are seen on an AMC Theatre during the outbreak of the coronavirus disease , in New York City, U.S., April 29, 2020. REUTERS/Brendan McDermidclosed up 24.5% on Tuesday after a late session volume spike boosted the cinema operator which has been a big focus on social media.
While the volatile stock was up sharply throughout the trading day it picked up more steam during the last hour of trading when it surpassed $40 for the first time since July 13. Also AMC's shares have been boosted this year by their popularity among retail investors using social media forums such as Twitter and Reddit to encourage each other to buy the stock. Along with video game retailer GameStop
The stock has lost ground recently after hitting a record high of $72.62 in early June, but it is still up about 1,933% so far for 2021.
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