AMC Stock Price Following Bearish Trend After its Q1 2023 Reports

AMC (NYSE: AMC) stock price shows 1.76% drop in its May 24th, Yesterday’s trading session. The stock price closed at $5.03, while it opened at $5.09, high was at $5.14 and low was at $4.98. The stock showing negative sentiments 

AMC Stock Price Analysis

The pre-market price of the entertainment stock is at $5.01, which is little below from its recent closing price. When the company reported its first quarter report of this year, its stock price was trading above 100-day EMA. It then started dropping to below its 20-day moving averages.

As seen in the above chart, the trading volume in the entertainment stock also dropped. The RSI also showed a downward trend in the chart, experiencing bear dominance in the market. While, the stock price showed negative sentiments, bears holding the strength of this trend which dropped its stock price.

The analysts have set their price target at $2.27, which is more than 50% down from the recent closing of AMC stock. However, the one-year price target has a maximum estimate at $4.50 while the minimum estimate is at $0.50.

Due to the bearish outlook, investor’s interest in this entertainment stock can be tumbled. However, when AMC Entertainment Holdings reported its Q4 2022 reports in February this year, the stock price dropped from its 200-day EMA to below its 20-day moving average.

Fundamentals of the Company

The total revenue of AMC for Q1 2023 is $954.40 Million, and it’s 3.68% lower compared to the previous quarter. The net income of Q1 23 is $-235.50 Million. The EPS for Q1 2023 are $-0.17 whereas the estimation was $-0.16 which accounts for -8.38% surprise. Its revenue for the same period amounts to $954.40 Million despite the estimated figure of $938.20 Million.

Estimated earnings for the next quarter are $-0.05, and revenue is expected to reach $1.22 Billion.

AMC Entertainment Holdings, Inc revenue for the last year amounted to $4.03 Billion. Most of which almost $2.20 Billion, came from its highest performing source at the moment, Admissions, the year earlier bringing $1.39 Billion.

Moreover, most of the contribution to the revenue figure was made by the United States. As last year it brought AMC Entertainment Holdings, Inc $2.96 Billion, and the year before that it was $1.88 Billion.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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