AMC's shares were up 17.3% to $31.11 in US premarket trading on Friday, while those of video game retailer GameStop were 2% higher. GameStop, which was at the heart of the so-called "stonks" retail trading mania this year, is set for its best weekly gain since mid-March, up more than 43% so far.
On trading-focused social media site Stocktwits (ST), message volume related to AMC spiked by nearly 40%, with more than 97% of messages reflecting positive sentiment towards the stock.
GameStop rose more than 1,000% during two weeks as retail traders using the Reddit platform encouraged each other to pile in, socking it to hedge fund managers who were short the stock - a bet GameStop would fall.
“We have raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets,” the company announced in a blog post.
The videogame retailer, the initial trigger for the market slugfest after gaining popularity on social media platform Reddit’s WallStreetBets, closed up 19.20% at $63.77 after hitting a session high of $95, although the wild gyrations seen in the past two weeks appeared to be easing.