AMC Entertainment Seats 5.9 Million Guests in Highest Grossing Weekend
AMC Entertainment just broke record this year.
According to CEO Adam Aron, this was AMC’s most attended and highest grossing weekend in 2022 so far.
Thor: Love and Thunder had a whopping $302 million weekend box office victory.
AMC Entertainment seated more than 5.9 million guests globally where admissions revenue about doubled the same weekend of 2021.
The century old movie theatre chain’s revenue also surged 12% above 2019 pre-pandemic.
Adam Aron took it to Twitter to address Wall Street opps saying, ” To industry doubters who predict extinction of theatres: #CHOKEonTHAT”.
This is big news for the company and shareholders alike.
Let’s discuss it!
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AMC starts Q3 with a bang
Q2 just ended and AMC will be announcing earnings on Thursday August 4th, according to the CEO.
Thor: Love and Thunder has just led AMC Entertainment to an incredible start this third quarter.
The film brought $143 million in North America and another $159 million internationally.
While the latest MCU film’s opening was slightly behind domestic estimates of $150 million, it still performed very well and earned more than Thor: Ragnarok’s $123 million in 2017.
It also sits just behind Jurassic World: Dominion’s $145 million and Doctor Strange in the Multiverse of Madness‘ $185 million for the biggest opening weekend of 2022.
Minions: The Rise of Gru took second place by earning $45.5 million in its second weekend. As it stands, the fifth entry in the Despicable Me franchise has brought in $210 million domestically and $399.8 million globally.
Top Gun: Maverick placed third by adding another $15.5 million to its total in its seventh weekend of release. The second Top Gun film has earned $597.4 million domestically and over $1.18 billion globally.
Elvis took fourth place with $11 million, marking a 40% drop from its opening weekend. Elvis has brought in $91.1 million in North America so far, via IGN.
The success of these films proves people still very much want the movie theatre experience.
For over a year now, Wall Street analysts have said movie theatres are dead and have bet against AMC Entertainment stock.
However, the market continues to prove these ‘experts‘ wrong.
Related: How to Invest in The Stock Market for Beginners
Will shareholders squeeze shorts from their positions?
AMC reached an all-time high of $72 per share last year when it managed to squeeze some short sellers from their positions.
But the short squeeze setup is still there, meaning AMC has massive potential to yield big profits for investors.
Adam Aron published a cryptic but bullish tweet last week announcing a ‘pounce’ after Q2 earnings call.
Shareholders are hoping for a massive rebound, squeezing majority of short sellers from this momentum play once and for all.
And whether this next price runup is MOASS (mother of all short squeezes) or not, short term investors will get a chance to make some quick profit here.
The last time AMC traded in the $14 levels it began to break upwards until reached its all-time high of $72 per share.
How high AMC Entertainment stock goes this time around will depend on how many short positions actually get closed this year.
One thing is certain, AMC has come a long way and it’s nowhere near its stock price potential.
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