CoinCodex is now predicting AMC Entertainment (NYSE:AMC) to soar by a whopping +500% by 2024.
Shares of the movie theatre company are currently up more than +37% in the past month.
“AMC Entertainment Holdings, Inc. (AMC) showcased robust market performance in the last week – the AMC stock gained roughly +25%, extending its monthly gains above 37%.
The notably positive price activity came at a turbulent time for stocks and broader financial markets.
The reason behind AMC’s stock price rally could be that its financials are beating experts’ expectations, making investors more confident in the entertainment company’s prospects for the short- to medium-term.
The company posted a higher-than-expected quarterly profit of $0.01 per share in August, a significant increase over estimated EPS for AMC stock of negative -$0.50.
In addition, AMC’s revenues are expected to increase by roughly 19.1% to $1.15 billion in the upcoming earnings report due for November 2023, up from approximately $0.97 billion in the same period last year.
The CoinCodex algorithm predicts a +518% increase in AMC’s stock price by 2024, predicting a bullish 12-month trend for the company, culminating with the stock trading at roughly $61 per share next October.
The price model accounts for 26 technical analysis indicators, including Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), and Relative Strength Index (RSI).
Out of all indicators tracked by CoinCodex, 22 are signaling bullish activity, and 4 are signaling bearish action,” the company reported.
In July, CoinCodex predicted AMC Entertainment to soar by more than +9,000% by 2030.
AMC investors currently own 91.2% of the company’s float.
Recently, AMC Entertainment has tapped into a market with big profit as it continues to close deals with artists to distribute film concerts globally.
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