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AMC Entertainment Stock Is Rising: What's Going On?

Published 12/09/2022, 16:01
Updated 12/09/2022, 16:40
© Reuters AMC Entertainment Stock Is Rising: What's Going On?
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AMC Entertainment Holdings Inc (NYSE: AMC) shares are trading higher Monday amid continued retail investor interest.

AMC is trending across social media platforms as traders discuss the stock's short-squeeze potential. It was among the most mentioned tickers on Reddit's r/wallstreetbets over the last 24 hours. 17.29% of AMC's float is currently sold short, according to data from Benzinga Pro.

AMC shares charged higher on Friday after the world's second-largest movie theater chain Cineworld Group (LON:CINE) filed for bankruptcy.

AMC Entertainment CEO Adam Aron highlighted the joint success of AMC and Walt Disney Co (NYSE: NYSE:DIS) via Twitter (NYSE:TWTR) early Monday.

"Disney and AMC do huge movie business together. And I have said for years that the consumer’s voracious quest for content allows both movie theatres and st[r]eamers to thrive," Aron said via tweet.

The AMC CEO noted that Disney+ subscribers are set to gain access to special screenings at AMC theaters as part of an expanded perks package with Disney.

See Also: Activist Investor Daniel Loeb Retracts Stance Over Disney Spinning Off ESPN

AMC Price Action: AMC has a 52-week high of $34.33 and a 52-week low of $7.89.

The stock was up 5.3% at $10.24 at time of publication, according to Benzinga Pro.

Photo: Dave Dugdale from Flickr.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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