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Published: January 19, 2024 at 6:51 PM ET
AMC Entertainment Holdings shares rose for the second day in a row Friday, giving investors in the original meme stock some respite after suffering disappointing losses.
AMC stock, which had recently hit consecutive lows, closed 1.8% higher. The movie theater chain on Thursday snapped a six-day losing streak and posted its biggest profit in more than a month. The stock price has declined in 11 of the past 14 business days.
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AMC Entertainment Holdings shares rose for the second day in a row Friday, giving investors in the original meme stock some respite after suffering disappointing losses.
AMC stock
AMC
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It recently hit a new consecutive low and closed up 1.8%. The movie theater chain on Thursday snapped a six-day losing streak and posted its biggest profit in more than a month. The stock price has declined in 11 of the past 14 business days.
Related: AMC stock ended a six-day losing streak and posted its biggest gain in more than a month.
Three years ago, AMC went from being a pandemic victim to a meme stock phenomenon. Backed by Reddit’s WallStreetBets forum, AMC took advantage of the stock price surge to enter the stock and bond markets, and in January 2021, he raised $917 million. In 2022, the company will begin special dividends on his AMC preferred stock units, and in 2023, he will complete the conversion of APE into his AMC common stock and his 10-for-1 reverse split of common stock. did. Investors who turned AMC into a meme stock often refer to themselves as “monkeys” or “monkey country.”
In December, AMC completed its latest on-market stock offering, raising approximately $350 million. The move is part of the company’s efforts to reduce its debt burden, which stands at more than $5 billion as of 2022. The latest stock offering, launched on Nov. 9, reduced the company’s debt by about $62.3 by repurchasing or converting debt into stock. AMC says 1 million people.
Related: AMC hits another record low at close, reflecting end of ‘meme stock’ status
AMC has been riding on the popularity of concert films starring big-name stars like Beyoncé and Taylor Swift in recent months, with “Taylor Swift: The Else Tour” breaking box office records since its Oct. 12 release. When discussing AMC’s third-quarter results in November, CEO Adam Aron said the success of these films would pave the way for more concert films to be shown in AMC theaters. He said that there is a possibility that
Earlier this month, Aaron expressed the company’s “everlasting gratitude” for Swift after the singer-songwriter’s concert film set a new record.
Related: ‘Exhausted’ investors are contributing to AMC’s stock price decline, says Stocktwits
In a post on X (formerly known as Twitter) on New Year’s Eve, Aaron blasted “prophets of doom” who predicted the company would disappear in 2023. “AMC is still here, continuing to innovate and blaze new trails.” he wrote.
AMC stock has declined 90.7% over the past 52 weeks compared to the S&P 500 Index.
SPX increased by 21.8%.
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