AMC Entertainment shares turned positive on Thursday afternoon in a stunning reversal from a 30% decline earlier in the session.
shares turned positive on Thursday afternoon in a stunning reversal from a 30% decline earlier in the session. The turnaround is the latest wild trading in the theater chain meme stock driven by retail traders banding together on Reddit."from time to time" up to an aggregate of 11.55 million shares of its Class A common stock. Additional shares dilute the value of the existing stock for existing shareholders.just a few hours later, raising about $587.4 million.
Trading was halted several times Wednesday and again on Thursday amid the volatility. The shares were up more than 100% at one point Wednesday. At the end of the day, more than 710 million shares exchanged hands — nearly double the number of AMC's shares outstanding. The company's 30-day average volume is just 143 million shares.
In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.
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