AMC Continues to Soar in Meme Stock Surge, Market Value Passes $10 Billion

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Retail trading favorite AMC Entertainment  (AMC) – Get Report continued its meteoric rise Thursday as the world’s biggest movie chain’s market value exceeded $10 billion for the first time.

Shares of the Leawood, Kansas-based company was rising $17.82 to $23.05 on Thursday.

The company’s stock has more than doubled since AMC reported
quarterly results on May 6. AMC has raised more than $1 billion in financing to avoid bankruptcy over recent months.

AMC was first caught up earlier this year in a wave of volatility amid a David-and-Goliath battle between retail investors using the online Reddit message board called WallStreetBets to collectively push higher shares of such companies as GameStop  (GME) – Get Report, Bed Bath & Beyond  (BBBY) – Get Report and BlackBerry  (BB) – Get Report.  

“Stop it already, you silly sellers,” TheStreet founder Jim Cramer said in his Real Money column. “Can’t you tell what is happening? Can’t you see how short-sighted you are, how blind to the situation?”

Cramer said he was referring to the “fools who keep selling AMC and GameStop to the mobs that are determined to take them higher.”

“So my question is, given this group has no desire to quit and is running over sellers the way tanks disembodied hapless soldiers in World War II, why not get out of the way?” Cramer asked. “They have so much power it would be nothing to take it to the mid-twenties. So sellers, stop it already. Walk away. Don’t be their fodder. Let them take it up so you can make more money.”

Cramer also tweeted that the combination of CEO Adam Aron’s “great work with AMC, his coming slate of films and his support from my friends and colleagues at Wall Street Bets is a potent brew.”

On Wednesday, Citi analyst Jason Bazinet nearly doubled his price target on AMC to $3.70 from $2, while keeping a sell rating. 

 On May 13, AMC said it completed an offering of 43 million shares. The offering brought AMC $428 million of new capital, before commissions and fees, at an average price of $9.94 a share.