AMC Entertainment Stock Is On The Move: What's Going On?

AMC Entertainment Holdings Inc AMC shares are trading higher on above-average volume Tuesday. The stock surged following a move higher in shares of Bed Bath & Beyond Inc BBBY, which is soaring amid increased retail investor attention. 

AMC Entertainment is trending across social media platforms as traders highlight high short interest in several names. It was among the most mentioned stocks on Reddit's r/wallstreetbets over the last 24 hours. 18.44% of the float is currently sold short, according to Benzinga Pro.

AMC's average session volume over a 100-day period is approximately 46.3 million. Tuesday's trading volume has already exceeded 55 million at press time.

GameStop Corp GME chairman Ryan Cohen, who purchased a stake in Bed Bath & Beyond in March, has reportedly been buying out-of-the-money call options on the home furnishings retailer. According to a CNBC report, Cohen's firm RC Ventures bought calls last quarter on more than 1.6 million Bed Bath & Beyond shares with strike prices between $60 and $80 per share.

Bed Bath & Beyond shares were up nearly 65% at last check, while Gamestop shares were up more than 12%. The move in AMC Entertainment came shortly after the pair of "meme stocks" moved sharply higher. 

See Also: What's Going On With GameStop Stock?

AMC Price Action: AMC Entertainment has a 52-week high of $34.33 and a 52-week low of $9.70.

The stock was up 7.1% at $25.91 at press time, according to Benzinga Pro.

Photo: Dave Dugdale from Flickr.