AMC shares quadruple as retail traders raid hedge fund short targets
Previous close AMC's stock was at $4.96. Today it jumped up to $20.34 and as of this post is setting at $15.79. This is also trending on Twitter with the #SaveAMC under politics.Shares of AMC jumped 360% ahead of Wednesday's opening bell, while GameStop rose more than 100%.
Individual investors are creating short squeezes by piling into these names, while hedge funds who are short on the other side rush to cover their losses. They are promoting their activity on the wallstreetbets Reddit board, which has 2.8 million members. AMC appeared to be a growing topic of interest on the board.