- NYSE:AMC dropped a further 4.34% on Thursday as meme stocks extend losses.
- A new conspiracy theory pops up on Reddit as #AMCBonds is trending.
- Retail investing platform Robinhood officially files for its IPO.
NYSE:AMC has been spinning its tires in the mud over the past week as the recent short squeeze attempt seems to have stalled for the time being. On Thursday, shares of AMC extended its losses and fell by 4.34% to close the first trading day of the second half of 2021 at $54.22. AMC saw about a third of its recent average daily trading volume, as it seems like some retail investors are pocketing their profits and moving onto the next meme stock to squeeze. All has been quiet on the GameStop (NYSE:GME) front as well, especially since the stock was added to the Russell 1000 index last week.
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There was a new conspiracy theory circulating Reddit on Thursday, as it was revealed that AMC made a June 29th filing to request a withdrawal of an S-3 from December of 2018. Without going into too much detail, the process allows institutions to purchase bonds which can be converted to common stock at a later date. Redditors believed that short sellers were hedging their positions using these bonds to go long on AMC with common shares. Redditors cheered the fact that CEO Adam Aron was withdrawing these assets to limit short sellers from having access to shares.
AMC stock forecast
The investing platform at the center of the short squeeze controversy earlier this year is officially going public as Robinhood filed for its IPO on Thursday. The company is seeking a $40 billion valuation, and is going to trade under the ticker symbol HOOD. This comes one day after the platform was hit with the largest FINRA fine in history at $70 million for its role in manifesting trading outages during the squeeze.
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