Is AMC stock a buy after ‘F9’ passes $400M in ticket sales?
- AMC stock surged nearly 8% on Monday after ‘F9’ opened with record Box Office since Covid-19.
- The ‘Fast and Furious’ latest edition hauled a whopping $70 million for best weekend debut since 2019s.
- The stock has gained massively since becoming a meme stock, but it is now beginning to show real value.
AMC Entertainment Holdings Inc. (NYSE:AMC) stock popped nearly 8% on Monday after ‘F9’ reported a record opening weekend since 2019. The ninth edition of the ‘Fast and Furious’ franchise hauled $70 million on its opening weekend to set the bar for this summer’s scheduled releases. The stock is beginning to repay investors that bought during the meme craze.
Is AMC a buy now?
Although AMC’s initial price rally benefitted from social media hype, its results are beginning to look promising amid a return to theatres. ‘F9’s’ record opening weekend sets the bar for the several releases scheduled to hit theaters this summer.
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The current quarter could provide clear guidance on what to expect for the year. Analysts expect earnings to grow by 91% this year before increasing 74% next year.
Technical overview: it looks like a good time to buy
AMC shares continue to trade within a sideways trend, indicating a lack of clear bias in the market. When results start to trickle in amid a return to the movie theatres, the stock could spike.
Investors can target profits at about $64.44 and $72.62. The ket support levels are $50.92 and $44.00.
Bottom line: there is time to invest in AMC stock
In summary, as movie releases continue to hit theaters in the second half of the year, AMC’s stock price will continue to rise. There is still time to invest in the company.
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