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AMC Entertainment Holdings, Inc. (NYSE:AMC) shares closed Tuesday up 10% and continue to see investor attention in after-hours trading. Here’s a look at what’s going on.
What To Know: AMC shares are volatile in extended trading Tuesday after GameStop Corp (NYSE:GME) announced the completion of its offering program. The video game retailer said it successfully sold the maximum number of shares registered under the offering, raising approximately $2.137 billion in gross proceeds.
GameStop noted that it plans to use the net proceeds for general corporate purposes, including potential acquisitions and investments.
AMC shares have moved alongside shares of GameStop in recent trading sessions amid the return of Keith Gill, also known as “Roaring Kitty,” to social media after a three-year hiatus. Gill, who played a significant role in the 2021 meme stock frenzy, held a livestream on YouTube last week that attracted over 650,000 viewers at its peak.
During the stream, he laid out his bull thesis for GameStop, emphasizing CEO Ryan Cohen‘s turnaround abilities and the company’s substantial cash reserves. Gill also provided a live position update, showing his continued holding of 5 million GameStop shares and call options expiring later this month.
AMC is considered one of the original meme stocks and remains a favorite among retail investors due to its high short interest, which is nearly 20%, according to Benzinga Pro. The stock often moves in sympathy with meme stocks and other heavily shorted names.
AMC Price Action: AMC Entertainment shares closed Tuesday up 10.8%. The stock continued moving higher after the bell before pulling back. The stock was down 1.15% in after-hours trading at $5.16 at the time of writing, according to Benzinga Pro.
Photo via Shutterstock.
