AMC Stock Inches Higher on Crypto Buzz

Year-to-date, AMC is up over 2,150%

Assistant Editor
Sep 16, 2021 at 1:25 PM
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The shares of AMC Entertainment Holdings Inc (NYSE:AMC) are on the move today, last seen up 2.3% to trade at $47.93 after the movie theater name said it will accept cryptocurrencies beyond Bitcoin (BTC) for online ticket and concession payments. The new crypto transactions are expected to be available by the end of the year, and include Ethereum, Litecoin, and Bitcoin Cash.

One of the original meme stocks to breakout in 2021, AMC stock boasts an incredible 2,166.4% year-to-date rise. And while the equity is on track to snap a five-week winning streak thanks to two days of losses, the 20-day moving average stepped up to save yesterday's dip. In addition, the 100-day trendline still remains positioned well underneath, even providing a safety net for an early August pullback.

An unwinding of pessimism from analysts could also provide some tailwind's for the security. Of the five in coverage, three still rate AMC a tepid "hold," and the remaining two sport a "strong sell." Meanwhile, the 12-month consensus price-target of $5.44 is a massive 88.6% discount to current levels.

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