What Is #AMCTreyDay?

AMC Entertainment Holdings Inc AMC traded lower by 1.6% on Wednesday as the hashtag #AMCTREYDAY trended on social media.

What Happened? #AMCTREYDAY is in reference to Trey’s Trades, a popular YouTube content creator and AMC trader that makes videos documenting his “journey through finances and investing in today’s market.”

Trey has told his 368,000 YouTube followers and 199,000 Twitter followers that he's having surgery on Wednesday, and his fellow traders and fans are using the hashtag to show support for him and for AMC.

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Why It’s Important: AMC started off 2021 trading under $2 per share and teetering on the brink of bankruptcy. However, the stock soon became a favorite of Reddit’s WallStreetBets and other communities of online traders, who sent the AMC soaring to new all-time highs of $72.62 in early June.

The AMC rally has since stalled, but the company has been able to avoid imminent bankruptcy, taking advantage of the manipulation by selling hundreds of millions of new shares and issuing high-interest debt.

Still, AMC reported another $566.9 million net loss in the first quarter and recently issued a warning to investors about buying the stock at current prices.

“Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” AMC said in a June filing.

As for Trey’s Trades, he took to Twitter on Wednesday morning to assure all his supporters that he will be fine.

“I’ll update everybody this afternoon when I finish up surgery - thanks everybody for the love,” Trey tweeted. “This seriously seriously is a minor procedure, it’ll be too easy.”

Benzinga’s Take: The self-proclaimed AMC “apes” have made clear they have little interest in what Wall Street analysts, the financial media or even AMC management itself has to say. They simply like the stock.