AMC Stock Price: AMC Entertainment continues downward during another volatile session

NYSE:AMC is taking on prisoners as the lead meme stock continues to descend back to pre-squeeze levels. On Thursday, shares of AMC fell a further 1.36% and closed the volatile trading session at $18.07. The fall marked the sixth consecutive session that AMC has fallen this year, a trend that has followed alongside the weakness in the broader markets. After starting the morning off higher, all three major indices retreated into the red by the closing bell. The Dow dropped a further 313 basis points while the NASDAQ extended its decline by 1.30%, highlighted by massive sell offs in both Peloton (NASDAQ:PTON) and Netflix (NASDAQ:NFLX) after the latter reported its earnings after the close.

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Just days after AMC air dropped several hundred thousand exclusive NFT collectibles to its shareholders, the resale market has already picked up. Some of the NFTs have sold for as much as $233, something that CEO Adam Aron has already enthusiastically tweeted about. NFTs are popular collectibles right now, but the company is going to have to show its shareholders that there will be a turnaround at some point, or else risk the stock falling back to single digits.

AMC stock forecast

Speaking of turnarounds, there was much excitement over the box office records set by Spider Man: No Way Home late in 2021. But even after records were broken, shares of AMC continue to fall. At this point, the company is likely going to have to rely on several more blockbusters that can equal Spider Man’s success at the box office this year. Until the Omicron variant situation has resolved itself in the US, and perhaps even after, theaters will still struggle to fill seats even if exciting new movies are playing.

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