- NYSE:AMC fell by 4.39% during Monday’s session.
- New blockbusters brought moviegoers flocking back to theaters on the weekend.
- More reports of suspicious activity by Robinhood executives amidst further investigations.
NYSE:AMC apes saw their beloved stock fall on Monday despite celebrating the single best non-holiday weekend since the start of the COVID-19 pandemic. Shares of AMC fell by 4.39% on Monday and closed the trading session at $36.77. AMC continues its current downtrend as the stock has now lost over 23.0% during the past month, and shareholders are patiently awaiting for shares to bottom out. It doesn’t help that the broader markets are also in the midst of a minor correction that saw the NASDAQ fall by 2.14% and the Dow Jones and S&P 500 sell off as well. Generally when the markets are volatile, meme stocks have been the first to see shareholders show their paper hands.
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Over the weekend, AMC and other theaters saw a tremendous return from moviegoers as two blockbusters were released. Venom: There Will Be Carnage and No Time to Die, the new James Bond film smashed the non-holiday weekend records since the start of COVID-19. Although this is promising for AMC, it remains unseen if these high ticket sales will continue, or if theaters need to rely on big opening weekends to sustain its business. For its part, AMC is also launching a number of promotions during the month of October which has been historically dominated by the release of new horror movies.
AMC stock forecast
Amidst the ongoing investigations following the lawsuit against Citadel Securities and Robinhood (NASDAQ:HOOD) more information has been leaked. It was revealed that a Robinhood executive sold shares of AMC just two days before the brokerage stopped its users from buying shares. Robinhood is definitely feeling the pressure of the scrutiny, as the stock has lost nearly 7.0% over the past week, and fell by a further 2.32% during Monday’s session.
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