Retail investors have fallen in love with AMC Entertainment Holdings Inc., and the feeling is mutual.

Shares in the movie theater giant doubled to a record high on June 2, sitting above $63 during late afternoon trading as "meme stock" chatter continued to swirl around the stock. Year to date, AMC's shares were up over 3,000%, as of 3:15 p.m. ET on June 2.

AMC's stock continues to attract attention on forums like Reddit's WallStreetBets and StockTwits. While the resulting "meme stock" pops in price have caused frustration among major online brokers and regulators, AMC CEO Adam Aron has welcomed the retail traders with open arms.

"AMC now has an army of passionate, interested individual shareholders," the CEO said during an earnings conference call with analysts.

The retail investor shareholder base owned more than 80% of AMC at last count, Aron noted on June 2.

With that in mind, the company unveiled AMC Investor Connect, a customer engagement program for retail shareholders that provides benefits such as shareholder-exclusive promotions, including free or discounted items — like a free large popcorn — as well as invitations to special screenings and direct communications from Aron.

"Many of our investors have demonstrated support and confidence in AMC. We intend to communicate often with these investors, and from time to time provide them with special benefits at our theatres," Aron said in a June 2 release.

However, AMC's skyrocketing valuation has frazzled Wall Street analysts, forcing some of them to reassess their latest forecasts on the stock.

In a May 26 note, for example, B. Riley Securities analyst Eric Wold downgraded AMC stock to "neutral" from "buy," noting that the stock's rapid rise eclipsed the price target he recently assigned to it much sooner than expected. AMC's share price on June 2 was almost 4x Wold's price target of $16, set May 14.

Notably, the continued rise in share price comes despite a dilution event, where AMC agreed to sell 8.5 million shares of its class A common stock to Mudrick Capital Management LP for $230.5 million on June 1. The equity was sold at a price of $27.12 per share. The cash proceeds will be used for acquisitions of additional theater leases and for improving the consumer appeal of existing theaters.