| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
AMC Entertainment Holdings Inc (NYSE:AMC) shares continued to see increased volatility this week amid the social media return of GameStop Corp (NYSE:GME) trader Keith Gill, also known as “Roaring Kitty.” Here’s what you need to know.
What To Know: AMC and other meme stocks have seen increased retail investor attention since “Roaring Kitty” made his return to social media following three years of silence. Gill is often credited with sparking the meme stock frenzy of 2021.
Both GameStop and AMC took advantage of the recent surge in interest by raising additional capital. GameStop announced the completion of its at-the-market offering program late Tuesday. The video game retailer said it sold the maximum number of shares registered under the program for gross proceeds of approximately $2.137 billion. GameStop and AMC popped slightly on the news before pulling back.
Wednesday morning, Citron Research announced that it backed out of its GameStop short position, noting that GameStop is now well capitalized following recent capital raises, or at least has enough runway to appease shareholders. The firm noted that it respects the market’s ability to remain irrational, citing the $20 billion valuation of Dogecoin (CRYPTO: DOGE).
Gill’s latest position update from Monday showed that he was still holding 5 million shares of GameStop and call options expiring later this month. He was down approximately $51.4 million in Monday's session before GameStop stock surged 30% on Tuesday. He limited his posts to a couple of memes on Tuesday.
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.
Meme stocks continue to see increased attention across social media platforms as traders continue to target high short interest names. 19.75% of AMC’s float is currently sold short, according to data from Benzinga Pro.
Check This Out: US Inflation Eases More Than Expected In May, Boosts 2024 Rate Cut Prospects Ahead Of Wednesday’s Fed Meeting
AMC Price Action: AMC shares were roughly flat at $5.22 at the time of publication, according to Benzinga Pro.
Photo: Paul Sableman from Flickr.
