AMC Stock Soars And Could Reach Even Higher!– OnMyWay Mobile App User News

March 28 was a great day for AMC stock (AMC) – Get AMC Entertainment Holdings, Inc. Class A Report and its investors. Shares zipped higher by an astounding 41%, as of the writing of this sentence. This was AMC’s best day in the market since June 2021, when shares climbed to a high of $62.

Monday was not an outlier, mind you. AMC has nearly doubled in price since the 2022 bottom reached as recently as March 14. Could this be the beginning of a trip to the moon?

AMC stock: a wild ride in 2022
It has been a wild ride for AMC stock so far in 2022. Shares began the year trading at around $27 apiece, which happens to be roughly the same price today. But between then and now, lots have happened to keep “AMC apes” entertained and hopeful.

Alongside the rest of the stock market, AMC dipped in the first several days of the new year. From the start of 2022 to March 14, AMC sank by 50% in only about ten weeks.

Since then, AMC recovered in an astounding fashion. Shares climbed 8 out of the past 10 trading sessions, three times by more than 10%. Visually (see below), one can see how AMC stock looked for a floor in February and early March, then took off in a matter of days.

Why AMC is rallying
What probably helped to spark interest in AMC stock was the early recovery in the broad market, which finally invited some risk-on attitude. The S&P 500 and Nasdaq 100 also bottomed on March 14 and ripped higher since then, supported by the following:

Some wearing off of the market shock caused by the conflict in Ukraine;
The Federal Reserve’s announcement of its first interest rate hike in years.
But a few company-specific events likely contributed to improved investor sentiment.

For starters, AMC’s earnings release shared in early March provided evidence that the company is no longer in survival mode. The management team seems fully committed to turning the page and addressing growth opportunities next.

Right before AMC stock bottomed, the company also announced that it was ready to accept Dogecoin and Shiba Inu as payment on its website. In previous quarters, I noticed how news on crypto and NFT tended to be perceived as positives by investors.

Then, AMC announced that it would become more than a movie theater operator. It acquired partial ownership of gold miner Hycroft Mining Holding (HYMC) in an effort to diversify operations and put cash to use in what CEO Adam Aron perceived to be a good deal.

All of the above helped AMC in at least one way: it brought the stock back to the limelight. Increased popularity bodes well for the “meme theme” that has helped to propel AMC stock to the heights witnessed last year.

Is AMC heading to the moon?
The multi-billion dollar question is: will AMC stock continue to rally and finally head to the moon, as so many of its investors expect? Clearly, it is impossible to know for sure.

However, the elements needed for another “meme rally” seem to be in place:

increased popularity and short-term gains leading to FOMO, in a virtuous bullish cycle
an improving market environment that invites risk taking
decent business fundamentals that help to crush the bear thesis
elevated short interest of 20%, according to Ortex, that could lead to a short squeeze

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