AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading higher Thursday afternoon, lifted by renewed enthusiasm in GameStop Corp (NYSE:GME) after CEO Ryan Cohen disclosed back-to-back open-market stock purchases.
Cohen bought 500,000 GameStop shares late Tuesday and another 500,000 Wednesday around $21 per share, lifting his stake above 9% and signaling long-term confidence. Here’s what investors need to know.
AMC–GameStop: Linked Meme-Stock Trades
For AMC, the move is reigniting retail interest in a company working through post-pandemic debt while capitalizing on a recovering box office slate. The movie-theater chain operating thousands of screens globally has been leaning on premium formats, concert films and special events to boost per-patron spending.
AMC and GameStop have historically moved together as symbols of the 2021 retail-trading surge, when online communities targeted heavily shorted stocks. The enthusiasm surrounding Cohen buying GME shares could be spilling over into AMC, as traders view both stocks as high-beta bets on crowd sentiment and the possibility of renewed short squeezes.
AMC still has high short interest with 18.19% of the float currently sold short, according to Benzinga Pro.
Roaring Kitty Anniversary Adds To Buzz
Thursday also marks exactly one year since Keith Gill, better known as "Roaring Kitty," the online figurehead of the meme-stock surge, last posted on social media. The anniversary is fueling nostalgia-driven chatter on social media Thursday.
Understanding Key Resistance And Support Levels
The stock is currently trading 5.3% above its 20-day simple moving average (SMA), but is 14% below its 50-day SMA and 29.2% below its 100-day SMA, demonstrating longer-term weakness. Shares have decreased by 50.15% over the past 12 months and are currently positioned closer to their 52-week lows than highs.
The RSI is at 41.74, which is considered neutral territory, while MACD is above its signal line, indicating bullish momentum. The combination of neutral RSI and bullish MACD suggests mixed momentum.
- Key Resistance: $2.00
- Key Support: $1.50
AMC Stock Surges Thursday
AMC Price Action: AMC shares were up 4.97% at $1.69 at the time of writing on Thursday, according to Benzinga Pro data.
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