Why AMC Stock Took a Hit Today
Meme stocks like AMC Entertainment Holdings (NYSE: AMC) have been trading more on what people are saying than what the business is doing for several months now. Those people have typically been users of Reddit and other social media forums. Today, AMC shares might be trading more on what an analyst just said. The stock dropped more than 4% early Wednesday, and remained down about 3% as of 11:20 a.m. EDT.
What may be impacting investor confidence in AMC today was an analyst downgrade with the prediction of more than an 80% plunge in the share price. Analyst Chad Beynon from investment firm Macquarie Group based his research on underlying business fundamentals, which may be something the meme stock investors will eventually begin paying attention to as well.
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Source Fool.com
