Cineworld Group (CINE.L) Shares Skyrocket By 14.87% Today: What Is Happening?

Cineworld Group (CINE.L) shares have continued to rise this week. The movie theater chain’s share is rising by a double-digit percentage on Wednesday. The company’s shares were up 11.9 percent in late afternoon trading, GBP 67.06, the highest amount so far this week, and immediately after the lockdown restrictions in the UK were lifted on Monday. Currency, the total market cap is equal to GBP 920.734 million. Amid a short squeeze, Cineworld pulls an AMC. Last week, the company looked to be following in the footsteps of its US-listed rival AMC Entertainment Holdings (AMC) by experiencing substantial rises in its shares amid retail traders’ attempts to inflict losses on short sellers. The massively shorted movie chain’s shares were up over 15% in late afternoon London trading.

Cineworld is now the most shorted share in the United Kingdom, with roughly 7.5 percent of its shares owned in short positions by six prominent investment managers looking to profit from its debt problems and worries of a COVID-19 outbreak in its essential UK and US markets.

Paul Meyer

Part-Time Reporter. Paul could do better in his engineering profession where he became a real pro. However, he chose the finance field to find a tranquil environment in his career. Today he creates a good number of great content for our team.

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