AMC stock started that year at 27.20 (before the reverse split) and ended at 4.07, a miserable loss of 85%. As of December 31st, there was short interest totaling 23,280,000 shares, an increase of 27.2% from the December 15th total of 18,300,000 shares. Based on an average daily trading volume, of 20,350,000 shares, the short-interest ratio is presently 1.1 days.
- These include chocolate covered pretzels, almonds, raisins and peanuts.
- That is, a holder of 10 shares of AMC now owns just one share, but the share price got multiplied by 10.
- Once a strong chart pattern has been established, an IBD-targeting breakout offers traders the best opportunity to reap gains at the start of a potential big run.
Despite a strong latest quarterly earnings beat, AMC is still struggling to stay afloat – and is being pretty open about its financial woes. That hasn’t helped the share price recover, nor does it look set to do so anytime https://forex-review.net/ soon if AMC plans more share sales. 6 Wall Street research analysts have issued “buy,” “hold,” and “sell” ratings for AMC Entertainment in the last year. There are currently 4 sell ratings and 2 hold ratings for the stock.
AMC Stock News Headlines
AMC’s movies industry group shows a decent ranking lately, at No. 66 among IBD’s 197 industry groups in terms of six-month price-weighted performance. The group had risen to as high as 20th during the summer of last year. According to newly updated data on a MarketSmith chart, the stock now holds okcoin review a revised float of 196.4 million freely traded shares. However, even after news of the Taylor Swift movie, AMC stock still cratered more than 71% in August. It marks the worst drop in a single month for AMC stock, deeper than even the 49.5% drubbing it took during the month ended March 2020.
AMC also is planning a 10-to-1 reverse stock split of its common stock on Thursday. AMC Entertainment shares plummeted more than 20% on Tuesday, slipping to a new 52-week low of $2.46 per share, as investors brace for a stock conversion later this week. But shares likely plunged on the dilution effect that the conversion brings. Over a two-day period on Sept. 6-7, the stock fell a combined 43% after the company announced a plan via a filing to the Securities & Exchange Commission to sell up to 40 million in additional common shares.
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On a brighter note, AMC announced this morning that it would expand its presence in the “Premium Gourmet Candies” sector by offering its own line of branded chocolate candies. These include chocolate covered pretzels, almonds, raisins and peanuts. The company’s new sweets will be available in AMC theaters starting this week. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit to sign up for email alerts.
The company has been in business for over 90 years but went public in 2013 after getting bought out by an investment group seeking to boost the company’s global presence. That investment group, Beijing-based Wanda Group, is still the company’s largest shareholder. If anyone thinks AMC wants to get into a litigation fight with its shareholders over conversion plans and stock sales for fun, they’re wrong.
According to data from Benzinga Pro, AMC Entertainment has a 52-week high of $91.50 and a 52-week low of $7.05. Get this delivered to your inbox, and more info about our products and services. Current projections from Wold show AMC is unlikely to move into positive free cash flow territory until 2025, so having additional liquidity is necessary for the company’s immediate future. Shares of AMC Entertainment Holdings Inc. continued their slide Tuesday, hitting a record intraday low and another record-low close. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.
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On Jan. 7, AMC announced that the Eras Tour movie officially became the highest grossing film in box office history in the concert and documentary film category, achieving $262 million in ticket sales to date. That broke the $261.2 million record of the 2009 concert film “Michael Jackson’s This Is It.” A reverse stock split, like the one executed by AMC, doesn’t inherently alter the fundamental value of the company itself. Instead, it increases the per-share price while reducing the total number of outstanding shares.
Citigroup Just Slashed Its Price Target on AMC Entertainment (AMC) Stock
The 1-10 reverse split was announced on Monday, August 14th 2023. The number of shares owned by shareholders was adjusted after the closing bell on Wednesday, August 23rd 2023. An investor that had 100 shares of stock prior to the reverse split would have 10 shares after the split. AMC Entertainment Holdings, Inc., is the world’s largest movie theater chain with over 11,000 screens. The company was founded in 1920 by the Dubinsky Family and is headquartered in Leawood, Kansas.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Of eight analysts surveyed by FactSet, four have a buy rating and four have a sell rating for AMC.
Going beyond the fundamentals, growth investors benefit in a big way if they understand how well a stock performs vs. a key benchmark. As for AMC stock, IBD’s relative strength line, which graphs a stock or ETF’s day-to-day performance vs. the S&P 500, has plunged since Aug. 14. This means AMC has sharply underperformed the S&P 500, especially since mid-August. AMC shareholders had good reason to look forward to another rebound.
The beleaguered cinema chain AMC Entertainment has announced plans to sell more of its common shares. The ‘at the market’ offering program will sell up to 40 million shares of class A common stock, with Citigroup Global Markets, Barclays Capital, B. Riley Securities, and Goldman Sachs facilitating the sale. These preferred equity units are a workaround, of sorts, and free AMC up to sell additional units of stock after investors who feared dilution rejected the company’s efforts to issue additional stock last year. AMC raised billions during the Covid pandemic selling new stock, which aided the company in paying off its debts and staved off bankruptcy during a time when movie theaters were closed or had limited product to screen to audiences.
The 33% gain in October was pleasant to see, but AMC stock gave back all of that rebound in November. 596 employees have rated AMC Entertainment Chief Executive Officer Adam Aron on Glassdoor.com. Adam Aron has an approval rating of 63% among the company’s employees. This puts Adam Aron in the bottom 25% of approval ratings compared to other CEOs of publicly-traded companies. Sign-up to receive the latest news and ratings for AMC Entertainment and its competitors with MarketBeat’s FREE daily newsletter.
“AMC’s court case resolution removes a significant overhang, and we expect AMC shares to settle around our new $19 price target post-conversion and post-reverse-stock-split,” said Wedbush analyst Alicia Reese, in a note. The units had only been publicly traded on the New York Stock Exchange for a year, and the conversion only went ahead after a settlement was reached with its shareholders. Under the agreement, AMC will provide an estimated $129 million of stock to common shareholders to nix any legal claims about the stock conversion plan in the bud. AMC Entertainment shares reverse split before market open on Thursday, August 24th 2023.