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Is AMC Entertainment a Meme Stock Worth Buying? -Breaking

by Mike Robinson

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© Reuters. Are AMC Entertainment Meme Stocks Worth Buying?

AMC Entertainment (NYSE 🙂 is a well-respected theatrical entertainment company thanks to its stock’s rapid rise in short-squeeze shares. The stock reached its record high of $72.62 in June thanks to significant retail investment. The stock currently trades at 45.7% lower than its June 2nd all-time peak of $72.62. Can it recover despite increased competition from streaming services? Let’s find out.One of the world’s largest theater chains, AMC Entertainment Holdings, Inc.’s (AMC) shares soared in price in January 2021 amid a meme stock frenzy. It also surged to hit its all-time high of $72.62 on June 2, 2021, and has gained 1,761.3% year-to-date to close yesterday’s trading session at $39.46.

The company owned approximately 99% and 100% of its foreign theaters as of September 30, 2021.

The stock currently trades at 45.7% of its historical high. The stock has lost 5.6% since November 8th, when it reported third-quarter results. AMC’s top line increased in the quarter, and its losses narrowed, but its business did not return to its pre-pandemic level. In addition, AMC’s CEO, Adam Aron, sold 625,000 shares yesterday for roughly $25 million. So, the stock’s near-term prospects do not look very promising.

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