AMC (NYSE: AMC) stock price is still trading within the same range as when I last covered the topic. After a pullback at the end of last week, the shares are showing strength this week. The shares of the theatre chain are now up 2.19% for the week.
The majority of the US stocks extended their gains on Tuesday. The S&P 500 index gained 15 points in the initial two hours of trading. The tech stock has a pullback which resulted in a 50 points decline in Nasdaq 100 index. AMC share price was also up 1.96% today.
AMC Gets Sued For Not Calling Annual Meeting
While the investors await the court’s decision on the APE stock’s conversion to common shares, the company has been slammed by another lawsuit. In the latest lawsuit, an individual shareholder has sued AMC to hold its annual meeting in August. According to the shareholder, the company hasn’t had an annual meeting in the last 13 months.
A Delaware court is already set to decide on the proposed settlement of the APE conversion case. The conversion will allow APE stock to be converted into common shares. Many shareholders approached the court to block this conversion earlier this year.
AMC Stock Forecast – August 2023
As evident from the following NYSE: AMC chart, the stock is currently attempting to break out of the downward trendline. This trendline has been acting as a diagonal resistance for the stock since July 2022. A breakout from this trendline will be very bullish for AMC stock price prediction.
Most of analysts expect AMC and APE prices to converge once the court approves the conversion. Considering the low price of APE than AMC, we can expect a decrease in AMC share price. However, AMC has a strong tendency to squeeze out the shorts so shorting it might not be a great idea.
In the meantime, I’ll keep sharing updated AMC stock price forecast and my personal trades on my Twitter, where you are welcome to follow me.
