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AI predicts AMC stock price for the end of 2023

AI predicts AMC stock price for the end of 2023
Jordan Major

AMC Entertainment (NYSE: AMC) stock fell after its 14th consecutive quarterly loss, although the movie theater chain reported better-than-expected results

The CEO, Adam Aron, also added that according to AMC’s projections, the worldwide box office won’t return to its pre-pandemic levels until 2024 or 2025, at the earliest. However, the CEO did say about the company’s earnings release: 

“With more major movies coming in 2023, we are highly confident that our multi-year recovery will continue to show considerable progress this year.”

With hopes of a multi-year recovery, investors are turning to other means, such as artificial intelligence (AI), to help predict the price of stocks such as AMC for the end of 2023.

Finbold has gathered projections made by CoinPriceForecast’s machine self-learning technology to estimate the movie theater chain’s price for the end of 2023. Per the latest forecast, retrieved by Finbold on March 1, AMC’s stock price will climb to $8.29 by the middle of 2023 and hit $11.08 by the end of the year marking a 55% increase from the time of publication to the year’s end.

End of 2023 AMC price prediction. Source: CoinPriceForecast

Chart analysis

The stock initially climbed at market open as high as $8.41 before crashing later throughout the day to close at $7.14 −$0.47 (-6.18%) for the session. Although AMC is still up +$0.76 (11.91%) over the past 5 days and a further +$3.21 (81.68%) year-to-date.

In the last month, AMC has been trading between $4.39 – $8.53, which is quite wide. It is currently trading near the high of this range. AMC also does not offer a high-quality setup at the moment, with price movement being a little bit too volatile to find a nice entry and exit point. Thus, it is probably a good idea to wait for a consolidation first.

AMC 1-day price chart. Source: Finbold

That said, traders will find support at $4.72 from a trend line in the daily time frame. And a resistance zone ranging from $7.61 to $7.62 is formed by a combination of multiple trend lines.

AMC said its adjusted net loss for the fourth quarter was 14 cents per share, which contrasts with the loss that the market was expecting, which was 21 cents per share. The actual revenue of $990.9 million was also higher than the forecasted figure of $977.6 million.

Besides the AI stock price prediction, it is also essential to weigh in the thoughts of industry experts who analyze the stock daily. Wall Street analysts gave AMC a consensus ‘sell’ rating from 7 analysts based on its performance over the past three months.

AMC 1-year price target. Source: TradingView

The average price forecast for the next year is $2.39; the target indicates a -66% downside from its current price.

AMC results

On March 14, AMC will be asking its shareholders to vote on whether or not they would enable the company to raise the number of common shares it is authorized to issue and carry out a reverse stock split.

In the event that shareholders vote in favor of the proposal, each APE share has the potential to convert into a common share, which would reduce the value of the common shares. Aron asked shareholders to vote “yes” in the press release.

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