AMC Stock News: AMC Entertainment down for sixth straight session on Wednesday, lowest price in 15 months
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UNLOCK OFFER- NYSE: AMC fell by 8.56% during Tuesday’s trading session.
- Investor Jim Chanos is using APE shares as a way of arbitraging AMC.
- Wedbush analysts lower the price target for AMC stock to $2.00.
UPDATE: AMC stock is trading down 2.4% at $9.33. If it stays in the red, this would be its sixth straight session losing ground. More than 18,000 put contracts for the $15 strike price expiring this Friday have traded in the first half hour on Wednesday. The last price was $0.96 per share, and the value of the contract is up 100% from Tuesday. AMC stock has not traded this low since May 7, 2021. On Tuesday the meme stock broke through support at $10 from May 11 and 12. There is support from February and April of 2021 near $5.50 and $8, respectively.
NYSE: AMC continued to see its common shares tumble on Tuesday, although the price of its recently released preferred shares seem to have stabilized. Shares of AMC dropped by a further 8.56% and closed the trading session at a price of $9.56. Stocks were mixed on Tuesday, as the broader markets somewhat recovered from Monday’s intense sell off. Despite what looked to be a positive start to the day, all three major indices closed in the red once again. Overall, the Dow Jones fell by 154 basis points, the S&P 500 dropped by 0.22%, and the NASDAQ traded flat for the day.
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After the interesting split that AMC recently did, famed short seller Jim Chanos is using the opportunity for some classic arbitrage. Chanos told CNBC that he believes the two securities should be trading at the same price, and will eventually do so. He has established a long position in Ape (NYSE:APE) and a short position in AMC. CEO Adam Aron has told Apes to combine the prices of the two securities to get the true stock price value of AMC shares. Shares of APE rose by 17.0% during Tuesday’s session.
AMC stock forecast
Wall Street analysts at Wedbush have downgraded their already low price target for shares of AMC. The price target was cut in half from $4.00 to $2.00 to account for the release of the APE shares. Wedbush is not impressed with the stock dilution, citing that AMC would have to issue 900 million shares of APE to repay all of its debt.
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- NYSE: AMC fell by 8.56% during Tuesday’s trading session.
- Investor Jim Chanos is using APE shares as a way of arbitraging AMC.
- Wedbush analysts lower the price target for AMC stock to $2.00.
UPDATE: AMC stock is trading down 2.4% at $9.33. If it stays in the red, this would be its sixth straight session losing ground. More than 18,000 put contracts for the $15 strike price expiring this Friday have traded in the first half hour on Wednesday. The last price was $0.96 per share, and the value of the contract is up 100% from Tuesday. AMC stock has not traded this low since May 7, 2021. On Tuesday the meme stock broke through support at $10 from May 11 and 12. There is support from February and April of 2021 near $5.50 and $8, respectively.
NYSE: AMC continued to see its common shares tumble on Tuesday, although the price of its recently released preferred shares seem to have stabilized. Shares of AMC dropped by a further 8.56% and closed the trading session at a price of $9.56. Stocks were mixed on Tuesday, as the broader markets somewhat recovered from Monday’s intense sell off. Despite what looked to be a positive start to the day, all three major indices closed in the red once again. Overall, the Dow Jones fell by 154 basis points, the S&P 500 dropped by 0.22%, and the NASDAQ traded flat for the day.
Stay up to speed with hot stocks' news!
After the interesting split that AMC recently did, famed short seller Jim Chanos is using the opportunity for some classic arbitrage. Chanos told CNBC that he believes the two securities should be trading at the same price, and will eventually do so. He has established a long position in Ape (NYSE:APE) and a short position in AMC. CEO Adam Aron has told Apes to combine the prices of the two securities to get the true stock price value of AMC shares. Shares of APE rose by 17.0% during Tuesday’s session.
AMC stock forecast
Wall Street analysts at Wedbush have downgraded their already low price target for shares of AMC. The price target was cut in half from $4.00 to $2.00 to account for the release of the APE shares. Wedbush is not impressed with the stock dilution, citing that AMC would have to issue 900 million shares of APE to repay all of its debt.
Like this article? Help us with some feedback by answering this survey:
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