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AMC Entertainment Holdings Inc (NYSE:AMC) shares are seeing increased attention to start the week amid continued volatility in meme stocks. Here’s a look at what’s going on.
What To Know: Several meme stocks and high short interest names have experienced increased trading activity in recent sessions following the social media return of GameStop Corp (NYSE:GME) trader Keith Gill, also known as “Roaring Kitty.”
Gill is often credited with sparking the meme stock craze of 2021 that saw several heavily shorted stocks squeeze higher as retail traders piled into the names.
Gill had been inactive on social media for three years before he posted a meme of a person sitting up in a chair on X last month. He followed that post up with a screenshot showing he was holding 5 million shares of GameStop and 120,000 call options expiring in June.
On Friday, Gill held a livestream on YouTube that had more than 650,000 viewers at the peak. He laid out a longer-term bull case for his investment in GameStop mainly centered on CEO Ryan Cohen’s turnaround ability and the company’s large cash position.
“It becomes a bet on the management,” Gill said during the stream.
The U.S. Securities and Exchange Commission is reportedly looking into recent options trading activity in GameStop as Gill is facing increased scrutiny from securities regulators over potential manipulation.
AMC is considered one of the original meme stocks alongside GameStop. It’s trending Monday across several social platforms including Reddit’s r/WallStreetBets. Traders continue to highlight high short interest in the name. 19.25% of AMC’s float is currently sold short, per data from Benzinga Pro.
Don’t Miss: EXCLUSIVE: Top 10 Most Searched Tickers On Benzinga Pro In May: Where Do Nvidia, Tesla, GameStop, AMC Rank?
AMC Price Action: AMC shares were off the lows, but still down 4.28% at $4.70 at the time of writing, according to Benzinga Pro.
Photo: Paul Sableman from Flickr.
