- NYSE:AMC fell by 4.49% during Wednesday’s trading session.
- AMC CEO Adam Aron increases his stake in the company.
- Uncharted is expected to lead the weekend box office sales again this week.
NYSE:AMC extended its recent losing streak on Wednesday, falling for the fifth straight trading day. During this slide, the once-popular meme stock has lost 18.71% of its value, and more than 40% so far in 2022. On Wednesday, shares of AMC dropped by a further 4.49% and closed yet another tumultuous session at $15.73. All three major indices faltered yet again, as the S&P 500 fell by 1.84% to fall even further into correction territory. Meanwhile, the NASDAQ dropped 2.57% and the Dow Jones sank by 464 basis points to hit its lowest mark so far in 2022.
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Popular AMC CEO Adam Aron has announced that he is putting his money where his mouth is with regards to the meme stock. Aron recently increased his stake in AMC after previous share grants have vested. This added more than 1 million shares of AMC to his stake, which brings his total position to over 2.35 million shares. While compared to other CEOs this is a relatively small amount of shares, it does show Aron is committed to turning AMC around and now he has proven he has a financial incentive to do so.
AMC stock forecast
At the box office this weekend, it is anticipated that Sony Pictures' blockbuster Uncharted will once again reign supreme. The film had the best debut in 2022 so far over the President’s Day holiday weekend and should manage to hold onto that top spot this weekend as well. It will likely have difficulty staying on top for a third straight week in March as the long-awaited film, The Batman, is finally ready to be released.
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