2 Active Stocks On NYSE: AMC Entertainment, GameStop

June 01, 2021 11:37 AM PDT | By Kiran Murali

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2 Active Stocks On NYSE: AMC Entertainment, GameStop — Image source: Pla2na,Shutterstock

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Summary

AMC rallied over 20 percent in Tuesday’s pre-market trading.

AMC stock doubled last week while GameStop gained 26 percent.

AMC Entertainment Holdings, Inc. (NYSE:AMC) and GameStop Corporation (NYSE:GME) are among the active stocks on the New York Stock Exchange. Both the meme stocks recorded massive gains this year amid a rally fueled by Reddit’s Wall Street Bets forum.

The 30-day average trading volumes of AMC and GameStop as of Friday, May 28, were approximately 106 million and 15 million, respectively. AMC’s stock price doubled while GameStop gained 26 percent last week.

In Tuesday’s pre-market trading, AMC’s stock jumped over 20 percent and GameStop rose 5.41 percent.

AMC Entertainment (NYSE:AMC)

AMC stock rallied further on Tuesday’s pre-market trading after the company said it would raise US$230.5 million cash in a stock sale to buy more theatre leases and invest in improving its theatres’ consumer appeal.

The company agreed to sell 8.5 million shares of class A common stock to Mudrick Capital Management, L.P. at approximately US$27.12 per share. The issuance represents less than 1.7 percent of AMC’s issued share capital.

AMC CEO Adam Aron noted that the company is in talks with multiple landlords of theatres that were earlier operated by Arclight Cinemas and Pacific Theatres.

In May, AMC raised approximately US$428 million by selling 43 million shares at an average price of US$9.94 per share.

AMC stock started trading at around US$2 this year, and it gained 1,105 percent year to date. The stock closed at US$26.52 on Friday. The company has a market cap of US$11.76 billion.

Source: Pixabay

GameStop Corporation (NYSE:GME)

The video gaming company’s stock also soared 1,068 percent year-to-date. GameStop shares started trading at US$19 this year and closed and US$222 on Friday. The company has a market capitalization of US$15.71 billion.

In April, GameStop raised US$551 million in an at-the-market equity program by selling 3,500,000 shares. The Texas-based company also redeemed all its long-term debt during the month.

As part of its turnaround plan, GameStop’s board plans to elect Ryan Cohen, co-founder of Chewy.com, as its new chairman at the annual meeting of shareholders on June 9. The company is also looking for new CEO and CFO.

GameStop also eyes to operate a new fulfillment center in Pennsylvania by the fourth quarter of this year to support its e-commerce operations.

Recently, the company launched a new website for its Ethereum-based non-fungible token platform.

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