AMC Stock News: AMC Entertainment falls below $20 as losses continue to pile up

NYSE:AMC fell by 3.24% during Thursday’s trading session.
AMC continues to decline after its mini short squeeze last week.
Sonic the Hedgehog 2 is the blockbuster hitting theaters this weekend.

Stocks Reporter FXStreet

NYSE:AMC investors are in the opposite of seventh heaven right now as the meme stock fell for a seventh consecutive session on Thursday. Shares of AMC dropped by a further 3.24% and closed the trading day at $19.73. It was a volatile, whipsaw session for the broader markets as morning trading started out deep in the red for the third straight day. By mid-day, a broader market rally sent the major averages steaming higher as the Dow Jones gained 87 basis points, the S&P 500 added 0.43%, and the NASDAQ inched higher by 0.06%.

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AMC’s decline over the past couple of weeks has been nothing short of extraordinary. Investors will remember the meteoric 45% gain that the stock saw last Monday, since then, however, it has been a whole different story. Shares of AMC have erased all of the gains made last week and are even trading lower than they were on Monday before the mini squeeze. The stock is now inching back lower towards its 50-day moving price which is just above $18.00 per share. If the stock falls below that level, it would find itself in a serious bearish downtrend.

AMC stock forecast

This weekend, AMC fans will be hoping for a successful box office debut of Sonic the Hedgehog 2. The animated film based on the classic Sega video game is expected to bring in anywhere from $50 million to $60 million in sales. The original Sonic the Hedgehog movie was a surprise hit and gained $70 million in its opening weekend back in 2020.

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