AMC Entertainment’s (NYSE:AMC) short squeeze score has now jumped to 96 according to Ortex data.
‘Short Score’ uses a multi-factor model that incorporates multiple short-related metrics, with a higher score indicating that the stock is heavily-shorted and has other characteristics that increase the possibility of a short squeeze occurring.
AMC’s short squeeze score has been between 93 and 94 all year.
Last week it went up to 95.
Now AMC’s short squeeze score has jumped to 96, an indication that a short squeeze probability continues to grow.
AMC’s current short interest is sitting at 28.03% which is much higher than the short interest the company had in 2021 when shares exploded between $6 -$9 per share to its all-time high of $72 per share.
The analytics firm has also listed the world’s largest movie theatre chain on its top 10 list of most likely ‘short squeeze candidates’.
But Ortex isn’t the only firm alerting short squeeze signals from AMC Entertainment.
“As the broader stock market has been on a tear for about a month, things are looking grim for investors with big short positions in stocks like AMC Entertainment Holdings Inc. and GameStop,” said Ihor Dusaniwsky, head of predictive analytics at financial technology and analytics firm S3 Partners.
“One factor that is also killing profits for short sellers is the borrowing costs on stocks that no one is willing to part with,” he continued.
Short sellers paid $1.91 billion in short borrow fees during the first quarter of 2023, according to S3 Partners.
So far, AMC’s cost to borrow has surged passed 1,000% in both April and July this year.
Latest AMC Entertainment Stock News
AMC Entertainment has acquired a new and popular movie theatre based in Wyomissing, Pennsylvania.
Berks Weekly reports that AMC has acquired the popular Fox Berkshire movie theatre in Wyomissing and will reopen the theatre today Friday, July 14.
“AMC has made it a priority to strengthen our circuit by identifying and acquiring popular, well- performing theatres around the country.
That strategic approach led us to the Fox Berkshire theatre.
We’re excited to add AMC DINE-IN Berkshire 8 to our complement of AMC DINE-IN locations, and we look forward to guests enjoying the AMC experience” said Dan Ellis, Executive Vice President, Chief Operations and Development Officer, AMC.
Don Fox, owner of Fox Theatres said, “we are thrilled to sell our remaining hometown theater, Fox Berkshire, to AMC, an industry leader in providing outstanding movie experiences.
We’ve had 65 years of bringing movies to Berks County and are very grateful for the loyalty of our customers and the dedication of our employees.”
This is the latest AMC Entertainment acquisition.
In April of 2022, AMC acquired 7 former Bow Tie Cinemas locations, five of which are in Connecticut, one in upstate New York, and another one in Annapolis, Maryland.
The new movie theatres in Connecticut doubled AMC’s presence in the state.
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