Shares of the AMC cinema chain doubled in value in one day and accumulated an increase of almost 3,000% in the year

With this day, its market value skyrocketed to more than $ 19 billion, eclipsing video game retailer GameStop -another individual investor favorite from forums like Reddit’s WallStreetBets-, with a value slightly over 18,000 million dollars.

The earnings came a day after the hedge fund Mudrick Capital He sold a $ 230 million stake in the company shortly after buying it, saying he believed the stock was overvalued, according to a source.

Investors appeared unfazed by the sale, seen by some analysts as an attempt to take advantage of the rise in stocks driven by retailers.

AMC “made a massive amount of money … and the hedge fund probably made a decent profit on that transaction,” said Giacomo Pierantoni, an analyst at Vanda Securities in Singapore.

AMC, whose stock rose almost 3,000% so far this year, was one of the big beneficiaries of the barrage of interest in the called “meme actions”, driven in part by a new generation of small operators focused on social media.

The papers went from just over $ 2 at the end of 2020 to well over $ 40 now. On Wednesday, the company launched an initiative that offered even the smallest investor a free bag of popcorn if they subscribed to a regular newsletter.

“Even though our shareholders now number in the millions … those people are the owners of AMC and I work for them.” Chief Executive Officer Adam Aron said in a statement.