AMC Stock Price AMC Entertainment Holdings Inc Cl A Stock Quote U.S.: NYSE
AMC’s latest earnings report for the second quarter was a bright spot against a dismal performance for the stock. AMC reported earnings of 1 cent per share on revenue of $1.35 billion, far surpassing analyst expectations of a loss of 4 cents per share on $1.29 billion revenue. Wednesday’s drop was the biggest one-day sell-off AMC stock has seen since February 2021.
- AMC Entertainment Holdings Inc. extended its week-long selloff after the movie theater operator converted a raft of preferred shares into common stock, and strategists say the company will likely sell more shares to pay down debt.
- The company issued the preferred APE shares as part of a strategy to change its corporate voting structure and get shareholder approval to sell additional common stock.
- At one point on Feb. 28, 2023, the stock was valued at $14.9 billion.
- On a split-adjusted basis, that is AMC’s lowest close on record, according to FactSet.
That’s on top of a 35% share price slide that happened after AMC converted its stock in August, taking AMC’s share price down 83.7% since the start of the year. AMC CEO Adam Aron described the court’s approval as a “significant milestone” in a letter to investors earlier this month. “Knowing that we can do our best for AMC to smartly raise capital is a terrific relief,” Aron said. AMC shares set a new all-time low of $4.76 on Wednesday, and the stock is trading well-below it’s 50-day moving average of $7.35.
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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. This followed several other exchange agreements in December, and AMC completed a $350 million at-the-market equity offering in December as well. Still, shareholders shouldn’t get too excited, as food and beverage companies have historically carried low profit margins. AMC’s branded popcorn hasn’t exactly had a significant effect on AMC stock, either.
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For long-term holders, the news helped lead to a disheartening finish in 2023 in which AMC stock plunged 83% to 6.12. AMC stock started that year at 27.20 (before the reverse split) and ended at 4.07, a miserable loss of 85%. Riley Securities maintained a Neutral rating on AMC, adjusting the price target from $15 to $12.
On Friday, the movie theater chain’s preferred equity units, dubbed APE shares, are set to be transformed into common stock just one year after they began trading on the New York Stock Exchange. The movie-theater chain has been on a roller-coaster ride over the past few years that took it from beleaguered pandemic victim to meme-stock phenomenon. AMC used the steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021.
On Wednesday, after the Federal Reserve’s first meeting of 2024 on interest rates concluded, the stock finished 1.5% lower to a record low of 4.05 and dropped nearly 34% for the month. AMC Entertainment announced that the “Taylor Swift – The Eras Tour” concert film officially became the highest grossing concert and documentary film in box office history. The company converted AMC Preferred Equity units, or APEs, into common shares. “My negative view towards the shares is really a valuation call,” Handler said.
AMC shares hit another record-low close, extending losing streak to five days
On Aug. 24, trading in AMC stock reflected the 1-for-10 reverse stock split. That is, a holder of 10 shares of AMC now owns just one share, but what happens if i buy tesla stock today the share price got multiplied by 10. The company on Aug. 18 issued a new 8-K filing to the SEC with details on the conversion of the APEs.
This means AMC has sharply underperformed the S&P 500, especially since mid-August. We’d like to share more about how we work and what drives our day-to-day business. “We think AMC is well-positioned against an improving industry backdrop,” said Reese, in the note, adding that Wedbush expects North American box office to end up 20% higher than 2022. According to data from Benzinga Pro, AMC Entertainment has a 52-week high of $91.50 and a 52-week low of $7.05. AMC had previously collaborated with “top confectioners” for over a year in order to create its chocolates. Next year, the company has plans to expand its selection of sweets.
View analysts price targets for AMC or view top-rated stocks among Wall Street analysts. 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. Shares of AMC Entertainment fell sharply on Wednesday after the theater chain said in a filing that it plans to sell up to 40 million new shares to raise cash. On Friday, the company converted AMC Preferred Equity units, or APEs, into common shares, ending a lengthy battle after some common stockholders had tried to block the move.
AMC Entertainment Holdings Inc. extended its week-long selloff after the movie theater operator converted a raft of preferred shares into common stock, and strategists say the company will likely sell more shares to pay down debt. 6 Wall Street 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. The consensus among Wall Street analysts is that investors should “strong sell” AMC shares. Wedbush’s Reese notes that AMC’s reverse stock split takes place Thursday, reducing its common share count to 52 million. “Then on Friday, AMC’s 995 million APE shares will convert to roughly 100 million AMC shares,” she said, adding that APE shares will no longer trade as of Friday.
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