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On August 22, shares of AMC Entertainment fell by 41.59%, which was a big trouble for shareholders. AMC AMC preferred stock, also known as Apes, hit the market on the same day as the ticker symbol APE, and trading in a new class of shares began on Monday after the stock market opened.
AMC CEO Adam Aron tweeted about the new stock that AMC’s value would be equal to its own value plus the value of APE’s new stock.
Over the past month, AMC has been trading in a wide range of $10.30 to $27.50, with prices falling sharply in recent trading sessions. Technical analysis points to a support zone of $10.36 to $10.45, and at the moment the stocks do not show quality settings for the entry of potential investors.
Graph of AMC lines 20-50-200 SMA. Source. Data Finviz.com.
Analysts at TipRanks have maintained a moderate consensus on the sales rating, suggesting that the average price in the next 12 months will reach $7.50, which is 28.30% below the current trading price of $10.46. As a result, no analyst recommended buying.
InTheMoneyStocks.com Chief Market Strategist Gareth Soloway noted that the connection between cryptocurrency and the stock market definitely exists:
Just keep an eye on the stock market. This will be your indicator, if we continue to observe the fall of S&P, I do not believe that the crypto markets will be able to withstand this.
Northstar & Badcharts technical analysts Kevin Wadsworth and Patrick Kareem believe that cryptocurrencies and bitcoin are a game on technology stocks, in part because cryptocurrencies have been around for a while.
As for the stock market, they expect a much longer and more significant downturn.
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