NYSE:AMC must restore retail support or the stock will continue to fall.
Meme stocks, according to renowned investor Michael Burry, are officially a bubble.
On Wall Street, a growing number of analysts are refusing to cover meme stocks.
Now that the worst of the COVID-19 outbreak in the United States has passed, NYSE:AMC is banking on a healthy return to movie theaters. While the $69 million in theater income over the July 4th weekend in the United States is a significant year over year increase over 2020, it is still a small percentage of the weekend’s previous revenue records. In the past, the long weekend around Independence Day has hosted some of the summer’s biggest film premieres, with weekend ticket sales averaging between $150 and $200 million. This demonstrates that, while the world is reopening, movie theaters may not be at the top of people’s to-do lists in the aftermath of the epidemic.
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The investor who became renowned after appearing in the film The Big Short has stated that he now believes meme stocks are in a bubble. Michael Burry has stated openly that the present meme stock climate reminds him of both the housing market catastrophe that made him famous and the dotcom crash of 2000. Burry went on to argue that companies that do become meme stocks should take advantage of the advantages that come with a sudden stock price increase.
Official AMC stock analyst projections may be harder to obtain by in the future, as numerous analysts have already stated that they will no longer cover meme stocks. Anthony Chukumba of Loop Capital has announced that he will no longer be covering GameStop (NYSE:GME), stating, “Look at the stock price, which has dropped from $483 to under $200. I still don’t believe it is worth even a fraction of that.” Chukumba’s rejection to cover GameStop follows Baird and Bank of America’s decision to stop covering the meme stock as well./n
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