AMC Shares Are on a Wild Reddit Investor Fueled Ride, Will It Last?

variety.com:

GameStop earlier in the year. On Reddit, investors were talking up the distressed retailer and the AMC theater chain. Hawn, a 50­-year-­old network engineer from Phoenix, bought 50 shares of AMC, seeing it as a chance to fight back against the hedge funds on Wall Street.“Every dollar that I spend is making them hurt a little more,” he says. “I’m OK with that.

I re­member what happened in 2008 all too well.”Reddit traders like Hawn have turbocharged AMC’s stock, vaulting it from $2 a share in January to nearly $75 last week. (The stock closed at $55 on June 7.) The surge has allowed AMC to boost its liquidity and put it in a better position to survive the pandemic, which caused it to lose more than $4.5 billion in 2020.