AMC's stock surges along with fellow meme stock GameStop as Roaring Kitty returns

By James Rogers

AMC shares were surging - and meme stocks are again in the spotlight following Roaring Kitty's return to social media

Shares of AMC Entertainment Holdings Inc. were up 18.9% amid a meme-stock rally Monday that also sent shares of GameStop Corp. skyrocketing 81.6%.

The rally appears to be driven by the return of Keith Gill, also known as Roaring Kitty, to social media. On Sunday Gill, whose analysis of GameStop created a national phenomenon in 2021, made his first post on X, formerly Twitter, in three years. The post on X indicated that he is paying attention.

Related: Roaring Kitty is back, and GameStop stock is rallying. The company still is struggling to make money.

Gill's cryptic post did not indicate exactly what he is paying attention to, although GameStop's shares have surged recently, sparking memories of the videogame retailer's meme-stock heyday three years ago.

"Good morning! He's backkk..." wrote Stocktwits, a social platform for investors and traders, on X.

Related: Meme-stock OG GameStop is sparking memories of the heady days of 2021

Like GameStop, AMC was a major beneficiary of the 2021 meme-stock frenzy, taking the movie theater chain from a beleaguered pandemic victim to a meme-stock phenomenon. Boosted by the r/WallStreetBets crowd on Reddit, AMC parlayed a steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021.

Before Monday's rally, GameStop's stock was up 4.7% in 2024. AMC shares were down 52.4% in 2024.

-James Rogers

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05-13-24 0955ET

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