Cinema chain AMC Entertainment becomes the new king of meme stocks; gains 2,900% this year: Report

This 390 percent surge in stock prices over the past fortnight has pushed AMC’s stock to a record high. This has subsequently led its market capitalisation to a whopping $31 billion, overtaking other meme stocks like GameStop Corp which currently stands at $21 billion post reaching a record high of $25 billion earlier this year, the report added.

The program, initially launched at theatres in the United States only, will benefit any shareholder who signs up. Investors who sign up for AMC Investor Connect will receive an initial offer of a free large popcorn when attending a movie at AMC this summer, with more benefits like special offers and company updates later.

As of March 11, 2021, AMC has over 3.2 million individual investors who own a stake in the company.

A meme stock is a stock that has seen an increase in volume not because of the company's performance, but rather because of hype on social media and online forums like Reddit.

AMC’s financial performance is weak and with the movie chain still reeling from the pandemic, analysts have steadily cut its earnings estimates. Analysts also expect the company to lose nearly $100 million on that basis over the next 12 months.