The Reddit group that helped GameStop is now ready to help AMC Theaters! The subreddit WallStreetBets is currently using its influence to increase the stock price of the U.S.-based movie theater company.
The New York Times reported that WallStreetBets was able to increase the shares of GameStop up to 1,700% since millions of small investors are now investing in the company.
On the other hand, AMC Theaters is also now seeing a massive stock surge because of the WallStreetBets subreddit. According to Movie Web's latest report, the group was also able to take GameStop's stock price from $20 over $300. This means that there's also a high chance that it will happen to AMC Theaters.
AMC Theaters current status
Although there is an ongoing pandemic, the popular American movie chain stated that they were able to retain their level since pre-pandemic. The company confirmed that it was able to raise enough capital to stay afloat throughout 2021.
However, not all movie theaters were as lucky as AMC Theaters. More than 60% of movie chains in North America remain closed because of the implemented restriction and the rising public health crisis.
Although this is the case, many experts said that there's a chance that movie theaters will get back to normal by late summer or early fall this year of 2021.
On the other hand, AMC Entertainment Holdings said that the company was at around $4 when the week started. However, the movie chain added that it saw that the stock price increased to $16.
Many sources confirmed that the Reddit group WallStreetBets is the one behind the increase. They added that AMC Theaters' stock price could even get higher, soon.
Will AMC Theaters have GameStop's increased numbers?
Right now, it is hard to tell that the movie chain will also see a 1,700% increase in its stock price. However, if WallStreetBets was able to do it with GameStop, there's a chance that the Reddit group could also do it again since there's already an increase in AMC Theaters' shares.
The group's good actions are currently very helpful since many companies, businesses, and agencies were affected because of the ongoing health crisis. Some movie and theater chains were not able to open their doors again after they close. AMC Theaters is one of the lucky ones that were able to survive.
For more news updates about the Reddit group WallStreetBets and other companies it will help, always keep your tabs open here at TechTimes.
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Written by: Giuliano de Leon.
