Iconic theatre chain AMC Entertainment Holdings skyrocketed to double digits on Monday as speculative trading activity in the struggling movie theatre gained steam. The meme stock has dethroned GameStop to become the star on the infamous WallStreetBets with its shares jumping as much as 25% to $59.68 apiece Monday, following an 80% rally in the previous week.
AMC has gained more than 120% in June alone after a 160% advance in May, pushing its 2021 rally to over 2,600% with and selling 20 million shares in two separate deals. This resulted into the generation of around $800 million in cash.
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As the stock has far surpassed its January high amid the GameStop trading mania, hitting a whopping $72.62 last week, CEO Adam Aron also signalled he would be selling 25 million more shares.