AMC Entertainment is in freefall and drops below the $15 level

  • NYSE: AMC fell 8.91% in Thursday’s trading session.
  • January 27 marks the anniversary of AMC’s initial squeeze.
  • GameStop falls below $100 as meme stocks struggle again.

NYSE:AMC fell on Thursday as the former leader of the meme stock revolution fell for the eleventh straight session in January. AMC shares fell 8.91% and closed the trading session at $14.52. Surprise, surprise, yet another day where the three main indices closed the session in the red. The Dow Jones recorded a minimal loss, while the S&P 500 fell 0.54%. NASDAQ led the way lower again, with the tech-heavy index falling 1.40% after weakness in stocks like Tesla Inc (NASDAQ:TSLA), which fell 11.55% to following its quarterly results report.

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Thursday marked the one-year anniversary of one of the biggest days of the initial meme stock squeeze. On this day in 2021, AMC’s stock fell from a closing price of $4.96 to an opening price of $20.34 as more than 1.2 billion shares changed of hands. Despite the stock price plummeting the following week, it was one of the first real cuts that retail traders coordinated with meme stocks. Fittingly, the platform at the center of the pressure, Robinhood Inc (NASDAQ:HOOD) fell to its lowest levels as a publicly traded company on Thursday after another disappointing earnings report.

AMC Stock Forecast

AMC’s meme stock, GameStop (NYSE:GME), fell to its lowest level in nearly a year also on Thursday. Even though AMC shareholders have suffered this year, GameStop shares have also fallen 39% so far in 2022. Despite an ongoing digital transformation and new NFT integration with the gaming industry, markets seem losing patience with GameStop and its business.

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Karen J. Nelson