AMC Entertainment stock now closes the week up +10% after hitting new record lows — shares continue to fight for the $4 range.
Despite the stock being on a significant downturn this year, market signal are pointing towards a possible reversal.
If price is able to bounce from the $4.30 range, then the stock has a strong probability of continuing its short-term uptrend.
A break below this range may result in AMC Entertainment stock retesting support at $4.21.
Conversely, a break above $4.40 will test buyers’ strength in the $4.50 range.
CEO Adam Aron blames the pandemic for the company’s current stock price.
“So painful: 4 years after Covid the industrywide box office is still ludicrously anemic & AMC stock has slid to $4.48,” the CEO posted on X, formerly known as Twitter.
“Difficult to think about anything other than guiding AMC back in these challenging times.”
A week later the CEO said in a tweet that the actors/writers strikes are to blame for the slower 2024 box office.
“Media scoffed at my Embiid tweet, but it’s all true.
AMC’s share price is so frustrating.
The 2023 actors/writers strikes have ruined the early 2024 box office.
Almost all I think about is rebuilding AMC.”
The cinema company will report its fourth quarter earnings on Wednesday, February 28th.
Analysts expect AMC to revert back to unprofitability with a GAAP EPS loss of 64 cents.
However, the company has a knack at beating Wall Street expectations and for surprising legacy media.
Based on 7 Wall Street analysts offering 12 month price targets for AMC Entertainment in the last 3 months, the average price target is $7.75 with a high forecast of $12.00 and a low forecast of $5.00, per TipRanks.
The average price target represents a 90.42% change from the price of $4.07.
AMC Entertainment stock is trading at $4.38 at the time of this publication.
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