The stock is eyeing its lowest close in almost two months
The shares of AMC Entertainment Holdings Inc (NYSE:AMC) are off 8.6% at $31.94. The plummet seems to be stemming from a wider drop in stocks tied to the economic reopening, while the spreading Covid-19 delta variant has many on Wall Street nervous about the global economy's ability to recover from the pandemic.
Today's drop has AMC stock headed for its lowest close since early June, putting the equity at a quarter-to-date deficit of 43.3%. The 70-day moving average, which captured a pullback in early May, could come in as potential support, though, and AMC Entertainment stock is still up over 1,400% in 2021.
Despite AMC stock's meteoric rise, analysts are still not convinced, with three at a "hold" rating, and one at a "strong sell." Plus, the 12-month consensus price target of $5.25 is an 83.6% discount to current levels.
Short sellers, meanwhile, have been hitting the exits on AMC stock. Short interest dropped 26.2% in the last two reporting periods, though it still makes up a healthy 15.1% of AMC Entertainment stock's available float. It should be noted, though, that AMC stock has landed on the Short Sale Restricted (SSR) list today.