(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.
FILE PHOTO: An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021.
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.
However, they pointed to enthusiasm among day traders following meme stocks as main the reason for Thursday’s gains, rather than fundamental business reasons.
“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.
Carlo Allegri, ”, Michael Pachter
Reuters, AMC Entertainment, AMC, REUTERS, Carlo Allegri AMC, Wedbush Securities, Partners
Manhattan, New York City , New York, U.S, Refinitiv