Shares of AMC Entertainment Holdings Inc. have fallen by 1.5% on Friday, adding to its already record-breaking losing streak. This marks the fourth day in a row that the stock has experienced a decline.
This current slide is on track to become AMC’s longest losing streak since January 5th when the company suffered from five consecutive days of losses. Currently trading at approximately $4.63, AMC’s stock has been consistently setting new record lows, with Thursday’s session closing at an all-time low of $4.70. The decline in stock price signifies the waning influence of AMC as a meme stock.
According to Dow Jones Market Data, AMC’s shares have plummeted by over 98% from their peak closing high of $339.05 on June 2, 2021. This data stretches back to December 18, 2013, providing a comprehensive overview of the company’s decline.
In the past three years, AMC experienced a remarkable transformation from a struggling victim of the pandemic to a meme-stock phenomenon. Relying on support from the WallStreetBets community on Reddit, AMC capitalized on the significant increase in its share price to raise $917 million through equity and debt markets in January 2021.
Unfortunately, AMC’s stock has been on a downward trend for the past 10 days, experiencing a decline in nine out of the ten days. Over this period, the stock has fallen by more than 12%, as analyzed by Dow Jones Market Data.
Comparing AMC’s performance to the S&P 500 index, it is evident that the company has suffered greatly. In the last 52 weeks, AMC’s stock has plummeted by 89.6%, while the S&P 500 index has gained 19.6%.
Despite these challenging circumstances, only time will tell if AMC Entertainment Holdings Inc. can reverse its fortunes and regain its stature in the market.