AMC Entertainment Holdings Inc. AMC shares are trading higher Monday on average volume.
Monday’s strength is potentially the result of increased social media mentions, as well as theater sector optimism following the stellar performance of “Top Gun: Maverick“which just crossed $ 1 billion at the box office.
The stock was also added to the Russell 1000 Index at the close of trading on Friday following an annual rebalancing. The rebalancing is often met with a “frenzied trading day,” according to Barron’s.
Related Link: Tesla, AMC Shares May Attract Buying As Russell Index Reconstitution Goes Into Effect
AMC was among the top trending tickers on Stocktwits at last check. It was also among the most mentioned stocks on Reddit’s r/wallstreetbets over the weekend, according to data from Benzinga Pro.
AMC Price Action: AMC has a 52-week high of $ 61 and a 52-week low of $ 9.70.
The stock was up 9.18% at $ 13.62 at time of publication.
Photo: Dave Dugdale from Flickr.