Cineworld continues AMC impression as shares surge following UK’s Freedom Day

Cineworld Group PLC (LON:CINE) shares have continued their strong performance this week, with shares in the movie theatre chain once again posting a double-digit gain on Wednesday.


In late afternoon deals, the company’s shares were up 11.9% at 65.7p, their highest level so far this week and shortly after all lockdown restrictions were lifted in the UK on Monday.


READ: Cineworld does an AMC as shares surge amid short squeeze


The momentum follows similar surges last week as the stock appeared to be replicating its US-listed peer AMC Entertainment Holdings Inc (NYSE:AMC) by receiving strong lifts to its shares amid attempts by retail traders to inflict losses on short sellers.


Cineworld is currently the UK’s most-shorted stock with around 7.5% of its shares held in short positions by six major investment managers who are aiming to take advantage of the firm’s debt difficulties as well as fears of a resurgence of COVID-19 infections in its core UK and US markets.


Aside from the ‘short squeeze’, some investors may have warmed to Cineworld amid hopes for a recovery now lockdown restrictions are easing, as well as a series of strong opening weekends for several blockbusters including Space Jam 2 last weekend and Marvel’s Black Widow the previous week.

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