AMC Stock Price: AMC Entertainment drops to end another tumultuous week

NYSE:AMC failed to hold the $30 price target on Friday, as the week mercifully ended for meme stock investors. On Friday, shares of AMC fell by 4.19% and closed the tumultuous session at $29.01. If it weren’t for a late hour surge in AMC and its meme partner GameStop (NYSE:GME), the stock would have recorded an even bigger loss. The stock is still down over 24% during the past five trading sessions, as rising fears over the emergence of the Omicron variant sent shockwaves through the global markets. On Friday, the NASDAQ tumbled by 1.92% as the tech-heavy index was the hardest hit of the three major US indices.

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Any news about rising cases of COVID-19, variant or otherwise, has been sending the retail sector into a downward spiral. AMC has definitely been feeling the pressure as the theater chain company braces itself for another period of low attendance. Even with the upcoming release of the much anticipated blockbuster Spiderman: No Way Home, annual ticket sales are lagging pre-pandemic levels at an alarming rate. Not even the introduction of things like payment by cryptocurrencies or NFT giveaways have been enough to prop up AMC’s share price this time around.

AMC stock forecast

It’s not just AMC and GameStop that have been in free fall as of late. A majority of meme stocks have erased most of their gains from earlier this year, as the meme sector continues to drain retail investors of their portfolios. The broader meme sector is actually lagging the S&P 500 index now for the year, despite previous exponential gains. In what appears to be a bearish downtrend to the market coupled with a weak holiday retail season, AMC and GameStop could see more pain heading into 2022.

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