Shares of AMC are currently trading at $7.63 but that could be the calm before the storm. As per Finviz.com, AMC sits at about 19% short and with any more good news from the company the shorts could start covering.
AMC also has some interesting news about potentially scooping up some theaters at basement prices, according to their CEO.
If we look at the AMC daily chart, a potential entry around $6.50 to $7 with a trim and trail target at $8.50 to $9 and a higher final target around $10 sounds viable. Options for AMC are decent, one can possible consider December 9th 2022 expiration and $6.50 strike around $1.25 to $1.50 entry and target a run into $2s. It would be interesting to monitor the retail traders interest in AMC and buzz on social media to get more insight.
Other companies in AMC Entertainment’s space includes: Roku (NASDAQ:ROKU), Cinemark Hldgs (NYSE:CNK), LiveOne (NASDAQ:LVO), Anghami (NASDAQ:ANGH) and Reading Intl (NASDAQ:RDI).