On Wednesday (2 Jun 2021), American movie theatre chain AMC Entertainment Holdings Inc. (NYSE: AMC)’s share price more than doubled from US$32.04 to US$68 after hours.
Also, other so-called ‘meme stocks’ surged after hours on Wednesday as well:
- Bed Bath & Beyond Inc. (NASDAQ: BBBY) went up by 60.5%.
- Koss Corporation (NASDAQ: KOSS) went up by 65.6%.
- BlackBerry Ltd. (NYSE: BB) went up by 35%.
- GameStop Corp. (NYSE: GME) went up by 13.3%.
This rally can be considered a continuation of the Reddit fueled meme stock rallies that occurred in January and March this year.
Yet again, dedicated individual investors have banded together on social media platforms like Reddit and Twitter to drive the stocks higher.
This may have led to today’s wild trading session where AMC’s stock price soared so quickly that four trading halts were triggered during this trading session.
When trading closed on Wednesday, more than 710 million shares changed hands.