AMC Stock Corrects From Highs, But Momentum May Drive it Up Further

The coronavirus pandemic had come as a major blow for many businesses and especially so for theatre operators like AMC Entertainment Holdings (NYSE:AMC).

AMC Stock Corrects From Highs, But Momentum May Drive it Up Further

However, in recent times, the stock has rallied strongly on the back of the activities of retail investors from the platform Reddit. In a new development, the Chief Executive Officer of the company, Adam Aron, has actually declared his regard for those Reddit investors and stated that he works for them.

Over the course of the past week, the stock has gone up by as much as 66% and that reflects the most sustained rally that the AMC stock has had in as long as three years. Hence, it is not a surprise that Aron has returned to Twitter after a long time and expressed his allegiance to those investors. Investors from the WallStreetBets community on Reddit have successfully pumped up many troubling stocks through short squeezes this year and it seems that the AMC stock is their latest high profile target.

Jack Dawkins

Finance and Tech Contributor