Why Is Everyone Talking About AMC Stock?

There is a lot of buzz surrounding AMC (NYSE: AMC) stock, especially among investors who gather on Reddit to discuss stocks. They encourage each other to hold the stock as it rises and buy more shares when it falls, and their plan appears to be to collectively buy and hold the stock until it reaches astronomical levels. A target of $500,000 is often touted on social media sites. As of this writing, AMC's stock price is $46.19.

The company is generating more interest recently due to a decision made by CEO Adam Aron to shelve a shareholder vote that would have authorized more shares for sale. A positive vote could have given management the ability to pay down a big chunk of its stifling debt.

AMC management has shelved a proposal for an additional stock sale. Image source: Getty Images.

Source Fool.com