AMC Entertainment (NYSE:AMC) stock just hit a new low on Thursday as the movie theater company continues to step on investors’ toes.
The latest drop in AMC stock comes after the company announced a stock offering for 40 million shares. Stock offering news typically drops stocks, but in AMC’s case it comes shortly after other troubles.
That includes the company’s conversion of its APE preferred shares to AMC stock. This action was contested by investors and even resulted in a lawsuit. Even so, the stock conversion went through and AMC also underwent a reverse stock split at the same time.
Traders of AMC will note that it’s one of the original meme stocks. That means the company’s shares can be more than a bit volatile. For example, the stock got a boost earlier this week alongside the revelation of a special Taylor Swift event. However, that couldn’t stop the stock’s ongoing downward momentum.
Recent AMC Stock Movement
The new record low close for AMC stock came as the company’s shares closed out trading on Wednesday at $8.62 apiece. The company looks like it will reach another record low close when markets close today, too. As of this writing, shares are down 4.1% and trading at $8.30 per share.
Today’s movement comes alongside heavy trading of AMC stock. As of this writing, more than 24.8 million shares have been traded. That’s already far beyond the company’s daily average trading volume of about 8.6 million shares.
Investors seeking out even more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market stories that traders need to know about on Thursday! A few examples of that include what’s happening with Mullen Automotive (NASDAQ:MULN), Asensus Surgical (NYSEMKT:ASXC) and C3.ai (NYSE:AI) stock today. All of that news is ready to go at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
