Shares of AMC Entertainment Holdings Inc. were down 1.5% Friday, putting the stock on pace to continue its run of record lows and extend its losing streak to four days.Â
The slide would be AMC’s
AMC,
longest since a five-day losing streak that ended Jan. 5. AMC’s stock, which is trading at around $4.63, has hit a series of record-low closes recently and ended Thursday’s session at an all-time low of $4.70. The stock’s recent performance reflects the demise of the movie-theater chain’s meme-stock status.
Related: AMC’s stock hits another record low, extends losing streak to three days
The company’s shares are down more than 98% from their all-time closing high of $339.05 on June 2, 2021, according to Dow Jones Market Data, based on available data going back to Dec. 18, 2013.
Three years ago, AMC went from a beleaguered pandemic victim to a meme-stock phenomenon. Boosted by the WallStreetBets crowd on Reddit, AMC used a steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021.
Related:Â This is what we can expect to see from meme stocks in 2024
The stock is currently down nine of the past 10 days and is also down four consecutive days, a period during which the stock has fallen more 12%, according to Dow Jones Market Data.
AMC’s stock is down 89.6% in the last 52 weeks, compared with the S&P 500 index’s
SPX
gain of 19.6%.
This story originally appeared on Marketwatch
