AMC Entertainment (NYSE:AMC) stock is climbing higher on Monday following an update for the movie theater company.
AMC Entertainment is among of group of companies that make up meme stocks. These have been singled out by traders on Reddit and other social media platforms. This has them pumping up these stocks from time to time.
While AMC Entertainment does run a movie theater chain, the company has also embraced its meme stock traders, who call themselves apes. This even resulted in it launching a second stock ticker for AMC Entertainment (NYSE:APE).
This has landed AMC Entertainment in trouble with investors as it plans to convert APE stock into AMC stock. That resulted in a judge blocking that plan but AMC is trying to move forward with it by changing conversion rates to satisfy the court’s demands.
Recent AMC Stock Movement
Shares of AMC stock are off to a strong start this morning. That comes as some 15 million shares of the company’s stock change hands. That’s quickly closing in on the company’s daily average trading volume of about 18.4 million shares.
Investors will also keep in mind that this follows more than 85 million shares of AMC stock being traded on Friday. However, that only saw the company’s shares climb 1.5% higher when markets closed that day.
AMC stock is up 38.9% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
