Shares of AMC Entertainment Holdings Inc. continue to plummet, with a 3.1% decrease on Tuesday. This puts the stock on track for another record-low close, currently trading around $5.13, which is even lower than its previous record-low close of $5.17 on January 5.
Continued Decline for AMC
AMC shares have experienced a significant decline over the past week, with six out of the last seven days showing downward trends. Last week, the stock reached record lows, marking a significant shift from its heyday as a meme stock. In fact, AMC's stock previously reached an all-time closing high of $339.05 on June 2, 2021. However, recent data reveals an 85.7% decrease over the past 52 weeks, while the S&P 500 has gained 21.3%.
AMC Acknowledges Taylor Swift's Contribution
Over the weekend, AMC's Chief Executive Adam Aron publicly expressed his gratitude to Taylor Swift. The popular singer-songwriter's concert film, distributed by AMC, has set a new record by earning over $261.6 million globally. This accomplishment solidifies "Taylor Swift: The Eras Tour" as the highest-grossing concert and documentary film in history, surpassing "Michael Jackson's This Is It."
AMC Entertainment Holdings Inc. faces ongoing challenges as its stock continues to reach new lows. Despite this, the company remains optimistic about their recent collaboration with Taylor Swift and the success of "Taylor Swift: The Eras Tour." Only time will tell how AMC will overcome its current difficulties and reestablish its footing in the market.