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ThecoinrepublicStockAMC Stock Rose 1.24% Intraday; Is Antara...
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AMC Stock Rose 1.24% Intraday; Is Antara Capital LP Backing Surge?

NYSE: AMC stock surged over 1.24% on the August 18 trading session. It opened at $4.06, lowering to $3.86, it hit a high of $4.19 and closed at $4.09 with an intraday trading volume of 51.658 Million. 

In the 52 weeks time frame, AMC Entertainment Holdings Inc. stock’s highest traded price was $13.05 and lowest price was $3.18. It is important to note that AMC shares were trading above its annual price target of $2.25 at press time.

AMC Entertainment Holdings Inc. has a market capitalization of $2.123 Billion, and its average trading volume is 53.379 Million. Despite intraday positivity, AMC stock price lost 16% of its trading price in a week and 19% in a quarter. 

Related News 

A New York-based investment firm Antara Capital LP revealed that it had increased its position in AMC Entertainment Holdings Inc. As per information dated August 4, 2023, Antara Capital LP bought 64,528,300 AMC Entertainment Holdings Inc. shares at $4.93 per share.

Including this recent purchase, Antara Capital LP now holds 64,528,300 shares in AMC, representing 6.50% of the company’s outstanding shares. 

AMC Stock Price Analysis 

Since August 10, a almost consistent buying pattern has been seen, which indicates that big investors might have increased their shareholdings in AMC Entertainment Holdings Inc. A massive gap in the trading price was seen in the August 14 trading session; in the same session, it opened 35% below its previous closing price on August 11.

AMC Stock Rose 1.24% Intraday; Is Antara Capital LP Backing Surge?
Source: AMC stock price chart from TradingView 

As per market analysts, a significant gap in the opening price on August 14 was seen as the market closed for the weekend and opened after two days. If buyers dominate in the coming sessions, then AMC stock price might face the immediate resistance of $4.48 and possibly the next resistance of $5.08. 

Technical analysis shows that AMC stock is already trading at the lower levels. By the end of the upcoming week, it might register a fresh 52-week low. 

TradingView shows that 516.386 Million AMC shares are free-floating, and approximately 998.213 Million shares are closely held by the company’s financial backers or the board of directors.

AMC Entertainment Holdings Inc Earnings & Revenue 

In Q1 2023, AMC Entertainment Holdings Inc. reported 1.73% more revenue than estimated figures. As per data, the company was expected to report $938.20 Million, but it reported $954.40 Million.

Similarly, in Q2, it company was expected to report $1.29 Billion in revenue, however, it reported 4.57% more revenue than estimated.

Earnings per share of AMC Entertainment Holdings Inc. surged over 124.32% compared to estimated EPS.

Technical Levels 

Resistance Levels: $4.48 and $5.08. 

Support Level: $3.1

Conclusion

At press time, AMC Entertainment Holdings Inc. stock was trading at $4.09, around 44.99% higher than the annual price target of the stock. In another context, AMC stock was trading in the range of $4, which is quite near its 52 week low, so there are more possibilities that the stock price will register a fresh 52-week low.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.
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