Reddit inverstors (or gamblers — however you regard them as) made the AMC stocks soaring again, now this time almost 3000% YTD. AMC had a wild rally ending with a halt on Thursday after the company announced that it’s selling 11 million shares for “general corporate purposes,” that was staring at potential bankruptcy only a few months ago.
“We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last,” AMC reported in the SEC filing.
$AMC had a low of $1.91 (on Jan. 4) and an intra-day high of 72.62 (yesterday). Thanks to reddit, it is getting gamma squeezed.