AMC Share Price: Shares edge lower as meme stocks trade flat for the day

NYSE:AMC has been quiet as of late, and surprisingly the stock has maintained its over inflated valuation despite the momentum of the short squeeze dying down. On Wednesday, shares of AMC trimmed 0.11% to close the trading session at $56.68, during a relatively choppy yet uneventful session for the broader markets. GameStop (NYSE:GME) gained 1.62% and BlackBerry (NYSE:BB) trimmed off 0.20%, as the meme stocks had a flat day on much lower than average trading volume, another sign that the latest meme short squeeze could be fading.

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The fallout from the original meme stock short squeeze will see retail trading app Robinhood slapped with the largest FINRA fine in history. Robinhood will be forced to pay $70 million in fines with $13 million being paid back to its clients in restitution. FINRA cited that Robinhood was responsible for the system outages that disabled trading for its users and cost them millions of dollars over the span of a few days. Robinhood expected the fine to be closer to $26 million, so the $70 million in fines will be an unexpected cost to the company as it approaches an IPO with a $30 billion valuation. 

AMC stock forecast

AMC and its shareholders are anticipating a rapid return to theaters this summer as the American economy reopens following the COVID-19 pandemic. With summer blockbusters on the way, it is expected that Marvel’s Black Widow will be the biggest hit of the season. So far a week ahead of its debut, Black Widow has received rave reviews from critics, so AMC could be in for another big weekend after July 9th.