Meme stocks to sell continue sounding the alarm bells this year. However, this year's explosiveness in meme stocks is notably subdued compared to the original retail trading frenzy.
Monday was an excellent start to the week for AMC Entertainment (NYSE: AMC ), with AMC stock during over 8% because of strong weekend box office sales. Fans of Despicable Me lined up for its fourth sequel, driving $230 million in gross box office sales worldwide and $122 million in the U.S. This success saw both ticket and merchandise sales at AMC theaters surge over the previous year.
In the closing of the recent trading day, AMC Entertainment (AMC) stood at $5.46, denoting a -0.18% change from the preceding trading day.
AMC Entertainment Holdings (NYSE:AMC) shares climbed over 8% after the movie theatre company's CEO tweeted to boast of one of its best-ever 4th of July periods, boosted by sales of merchandise for the new Despicable Me film. Adam Aron said the period from last Wednesday to the past Sunday had seen the highest cinema attendance so far this year, with more than four million customers.
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Sales of merchandise for the new release “Despicable Me 4” at AMC Entertainment Holdings Inc. were second only to merch sales for Taylor Swift's record-breaking concert movie, according to the movie theater chain's chief executive, Adam Aron.
There is no question AMC Entertainment (NYSE: AMC ) is languishing. The movie theater operator lost 86% of its value over the past year punctuated by brief rallies when meme stocks came to life.
Shares of AMC Entertainment (NYSE: AMC ) have been absolutely obliterated since they peaked in 2021. After all the stock offerings the company has put forward, shares of AMC stock currently trade around $5 per share.
AMC (NYSE: AMC) stock price continued to underperform the market in the first half of the year amid rising dilution concerns. It crashed by over 18.6% while the S&P 500 and Nasdaq 100 indices rose by over 15%.
Meme stocks are some of the most dangerous investments to make right now. In my view, now may be a good time to sell many top meme stocks that have gone on big runs.
AMC Entertainment (NYSE: AMC ) stock has spent all but 14 days trading in penny-stock hell so far this year. Except for a couple of short bursts like when it jumped 135% in two days trading, meme-stock investors hoping for a 2021-style revival aren't likely to get their wish.
Don't be fooled by the return of meme stocks. It's curtains for AMC Entertainment (NYSE: AMC ) stock.