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AI predicts AMC stock price for end of 2024

AI predicts AMC stock price for end of 2024
Elmaz Sabovic

AMC Entertainment (NYSE: AMC) has experienced a challenging start this year, with shares of the movie theater chain declining by almost 30%. This decline is likely attributed to recent dilutive measures undertaken by the company in recent weeks.

On January 18, Citigroup revised its price target for AMC stock from $5.75 to $4.10 while retaining its “sell” rating. This adjustment follows Citigroup’s earlier price target reduction from $15.50 to $4.75 in September, subsequently raising it back to $5.75 in November.

With a challenging start of 2024, Finbold utilized AI predictions from CoinCodex to see where this stock might end up by the end of December.

AMC stock price prediction by the end of 2024. Source: CoinCodex
AMC stock price prediction by the end of 2024. Source: CoinCodex

The AI algorithms predict an impressive increase in its stock price, with shares expected to trade at $10.29 by the end of the year, representing a 132.28% increase from its current price of $4.43 at the time of writing.

While there is trouble ahead, analysts remain optimistic

Wedbush analyst Alicia Reese highlighted a scarcity of theatrical content in January and February 2024, a repercussion of the recent SAG-AFTRA strike, as one of the reasons for AMC’s bad performance this month. Reese observed a decrease in planned releases for 2024 compared to 2023, contributing to a downturn in industry estimates.

The analyst underscored that AMC’s standing is comparatively compromised compared to its industry counterparts due to its substantial debt burden, a significant portion of which is set to mature in 2026.

Despite the current low share price, Reese expressed the view that the likelihood of AMC resorting to further share dilution for capital remains substantial.

However, the Wedbush analyst foresees a turnaround for the movie theater industry commencing in the fourth quarter. Additionally, she envisions a robust performance in 2025, attributing the positive outlook to the conclusion of the Hollywood strike.

AMC stock price analysis

At the time of press, AMC stock was trading at $4.43 after a 7.79% gain since the previous closure, contrary to the losses of -8.75% in the last five trading sessions.

AMC 7-day stock price chart. Source: Finbold
AMC 7-day stock price chart. Source: Finbold

As for the technical indicators, they paint a contrasting picture, with the overall rating being ‘sell’ at 14 and agreement from moving averages at ‘strong sell’ at 13. Oscillators disagree at a ‘buy’ rating of 5.

Technical analysis of AMC stock. Source: TradingView
Technical analysis of AMC stock. Source: TradingView

Whether this stock will manage to weather the storm and reap the rewards that seem to be waiting at the end of this year, time will tell.

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