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A group of 3 million retailers gathering on Reddit’s r / amcstock have pooled their 80% stake to inflate the stock, and it’s working. AMC is now worth nearly 10 times its average price, rising from a valuation of $ 510 million to about $ 26 billion – from near-bust to about the same value as LG.
The proliferation on social media has caught the attention of new and old traders alike. Windsor Park’s Bailey Dieckman started trading in earnest when GameStop stock became popular and she remembered having a single share in the company.
Also in their portfolio: some stocks from AMC, Blackberry and renewable energy companies.
Austinite Bailey Dieckman is an Austinite who got into meme stock action. (Bailey Dieckmann)
Dieckman, whose main job is a digital marketer, sold her Gamestop stock near its peak, around $ 300. It also sold its AMC stock at its all-time high of $ 69, well before the expected price jump, or “short squeeze”. Dieckman said she sold early to relieve the stress of constantly monitoring price changes and plans to invest in the longer term.
“I was really stressed and watched it all the time – this short-term game is really stressful,” said Dieckman. “I was thinking of buying myself back (but) I just feel like I’m not that dedicated to this thing. I’d rather invest money in a company that I think will actually do something good. “
On the other hand, technical sales rep Alex Glenn has more skin in the game. With around $ 5,000 originally invested in AMC, Glenn said he’s not looking for a specific price. He won’t sell until he sees the shorts start to cover their positions.
“Whenever I notice that these institutions are actually buying back their shorts or closing their shorts, I will consider selling them,” said Glenn, a resident of Hutto. “I was up, I think, $ 30,000 during the open market, and to the point where I only had $ 10,000 on my AMC, I never thought of selling it.”
AMC stock value.
In addition to the free popcorn AMC has promised shareholders, Glenn said it was well within the realm of the possibility of making life-changing profits.
“If it is enough after the capital gains tax to be able to pay off my house and my cars, then that would have top priority,” said Glenn. “A lot of things can happen, but I’m more confident that I’ll make a lot of money doing it than I’ll lose.”
Meanwhile, AMC admits that inflation on the stock has little to do with the way things are, cautioned investors that by buying they could potentially run the risk of “losing all or a significant portion of your investment” . If AMC is following in Gamestop’s footsteps, the short squeeze hasn’t even started.
But if you’re nervous about your investment, Glenn recommends keeping your head clear and doing some research on the basics.
“Trading is an emotional game and it takes a lot of practice and managing your emotions by having a clear plan of entry and exit,” said Glenn. “If you don’t have these things, you can drive yourself completely crazy.”
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