An analyst now increases AMC EPS estimates for Q3 2023 after the company announced a record breaking Q2 in August.
CEO Adam Aron said AMC Entertainment Holdings Inc. had the best Q2 June in its 104-year-old history.
The company was also able to secure more than $770 million in cash equivalents by the end of the second quarter.
The “box office is making a come back”, said Adam Aron during the Q2 earnings call.
AMC Entertainment Holdings, Inc. (NYSE:AMC) saw its Q3 2024 earnings per share (EPS) estimates raised by analysts at B. Riley in a research note released to investors on October 3.
Analyst E. Wold now anticipates that AMC will report earnings of ($0.01) per share for the quarter, an improvement from the previous estimate of ($0.11), per Market Beat.
The consensus estimate for AMC’s full-year earnings currently stands at ($1.36) per share.
B. Riley has also projected AMC’s Q4 2024 earnings at ($0.08) EPS, with FY2024 earnings expected at ($1.30) EPS.
For Q1 2025, they estimate earnings of ($0.55) EPS, followed by ($0.08) EPS for Q2 2025, ($0.07) EPS for Q3 2025, and FY2025 earnings at ($0.44) EPS.
AMC last reported its quarterly earnings on August 2, where it posted an EPS of ($0.43), matching consensus expectations.
The company generated $1.04 billion in revenue for the quarter, slightly surpassing analyst projections of $1.03 billion, although this represented a 23.1% decline compared to the same quarter last year.
AMC has also received various other analyst reports.
Morgan Stanley reduced its target price for AMC shares from $11.00 to $10.00, assigning an “underweight” rating in a report on August 12.
Wedbush maintained a “neutral” rating with a target price of $4.00 on August 5, while Macquarie increased its price target from $3.50 to $4.00, giving the stock an “underperform” rating on July 9.
Benchmark reiterated a “hold” rating on August 5.
Currently, four analysts have rated AMC stock as a sell, while three have given it a hold rating.
According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $5.70.
However, this is just ‘industry jargon’ as the stock is held primarily by retail investors, who continue to remain bullish on the stock.
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6 companies have now increased their stake in AMC Entertainment Holdings Inc., (NYSE:AMC) this year, positioning themselves for a run.
According to a fresh report from MarketBeat, a total of six financial institutions have significantly increased their stake in the famous ‘meme stock’, AMC.
While shares of the company have fallen nearly 28% this year-to-date, institutions loading up on the stock is a good sign, indicating bullish projections.
Mayflower Financial Advisors LLC bought a new stake in AMC Entertainment in the 1st quarter worth about $37,000.
Skylands Capital LLC purchased a new stake in shares of AMC Entertainment during the 2nd quarter worth approximately $50,000.
Powell Investment Advisors LLC bought a new position in shares of AMC Entertainment in the 1st quarter valued at about $55,000.
Principal Financial Group Inc. lifted its position in AMC Entertainment by 50.6% in the first quarter.
Principal Financial Group Inc. now owns a total of 20,091 shares of the company’s stock worth $75,000 after buying an additional 6,748 shares during the last quarter.
Finally, Quarry LP boosted its stake in shares of AMC Entertainment by a whopping 9,601.2% during the 2nd quarter.
Quarry LP now owns a total of 15,619 shares of the company’s stock worth $78,000 after purchasing an additional 15,458 shares during the period.
Institutional investors now own roughly 28.80% of the company’s stock.
Recently, AMC CEO Adam Aronannounced optimistic company news following the recent fed rate cuts, stating its positive effects for business.
“Wednesday’s interest rate cut by the Federal Reserve of 50 basis points should save AMC about $10 million of interest expense per annum, giving us an extra $10 million or so of cash savings each year,” Aron said on X, formerly known as Twitter.
“This is such very good and much welcomed news for AMC. Ka-ching, ka-ching!”
Despite AMC stock trading around $4.40 levels, the speculation of a short squeeze remains strong within the retail investor community.
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Market News Today – 6 Companies Have Now Increased Their Stake in AMC Entertainment.
SEC Enforcement Chief Gurbir Grewal is now resigning this month after his role primarily in the ‘crackdown’ of cryptocurrencies.
Gurbir Grewal, the top enforcement official at the U.S. Securities and Exchange Commission (SEC), is stepping down after playing a key role in cracking down on the cryptocurrency sector and monitoring Wall Street’s use of off-channel communications, per a Bloomberg report.
Since joining the SEC in 2021, Grewal has overseen the agency’s 1,300 enforcement attorneys, leading to numerous cases against various firms and financial professionals.
He was a frequent speaker at industry events, consistently emphasizing the importance of protecting investors.
“Every day, he has focused on how to best safeguard investors and ensure compliance with our established securities laws,” stated SEC Chair Gary Gensler.
“He has led a division that has acted impartially, following the facts and the law wherever they lead.”
Grewal is leaving to pursue a position in private practice, as confirmed by an unnamed source familiar with the situation.
The SEC has had notable confrontations with the finance industry, including hedge funds, brokerages, cryptocurrency firms, as well as retail investor criticism.
Most of the efforts that Grewal helped initiate while at the SEC included legal actions against crypto exchanges for allegedly trading unregistered securities.
The SEC has taken a strong stance on finance firms using unofficial communication methods like WhatsApp.
The agency has expressed concerns about bankers conducting transactions via personal devices, which complicates regulatory oversight.
Grewal, a former federal prosecutor, has overseen investigations resulting in billions of dollars in fines related to these WhatsApp probes.
In one high-profile case, he labeled a Colorado audit firm that evaluated Donald Trump’s social media company as a “sham audit mill,” leading to $14 million in penalties against the firm and its founder.
The audit firm, BF Borgers CPA PC, did not admit to or deny the SEC’s findings.
Following Grewal’s remarks, Trump Media & Technology Group Corp. appointed a new auditor shortly thereafter.
During his time at the SEC, Grewal authorized over 2,400 enforcement actions, resulting in more than $20 billion in disgorgement, prejudgment interest, and civil penalties.
The agency also awarded over $1 billion to whistleblowers during his time.
In 2023, the SEC imposed nearly $5 billion in fines and reimbursements to investors, while its enforcement actions in fiscal 2022 led to a record $6.4 billion in penalties, per Bloomberg.
Grewal, who previously served as the attorney general of New Jersey, will officially leave the SEC on October 11.
Sanjay Wadhwa, the division’s deputy director, will take over as acting director.
Wadhwa has been with the SEC’s enforcement unit since 2003 and was ‘instrumental’ in securing a record $92.8 million penalty against a billionaire hedge fund manager for insider trading in 2011.
David Oliwenstein, a partner at Pillsbury Winthrop Shaw Pittman and former SEC enforcement attorney, noted, “For any market participants thinking Grewal’s departure indicates a softening of enforcement, that would be incorrect.
Sanjay’s approach to enforcement is just as aggressive.”
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AMC CEO Adam Aron now announces a new investor incentive, which is meant to drive up sales as well as its shareholder base.
On Tuesday, the company alongside CEO Adam Aron announced free treats for those enrolled in AMC Investor Connect.
“As the leaves begin to change and we’re gearing up for an exciting film slate of titles, I’m looking forward to sharing our next offer.
All AMC Investor Connect members can receive a FREE order of our deliciously dusted donut holes, in flavors such as tasty strawberry, rich peanut butter, or sweet cinnamon sugar, along with a side of icing,” the email read.
“This reward for one free* order of donut holes is available for all current members and to those who join AMC Investor Connect by October 31, 2024.
Your reward will automatically apply to your purchase when you scan your AMC Stubs membership at the theatre or sign in at checkout online.
If your favorite theatre doesn’t have donut holes available, you will receive a free order of pretzel bites.”
The CEO took it to X, formerly Twitter, to make the special offer.
“Movies are better when you are munching on sweet donut holes!
For our AMC shareholders: AMC Investor Connect members viewing a movie at our U.S. theatres can get one FREE order of our deliciously dusted donut holes, in flavors such as tasty strawberry, rich peanut butter, or luscious cinnamon sugar including tempting icing.
Also for those who join AMC Investor Connect by October 31, 2024. It’s free for our shareholders to join: https://amctheatres.com/stockholders.”
Some investors have shared their appreciation — however, others are still criticizing the CEO for the company’s current share price.
Shares of the company have slid by nearly 28% this year-to-date, and are down more than 46% in the past year alone.
A big group of investors continue to raise awareness on the market injustices that are suppressing AMC’s share price.
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Market News Today – AMC CEO Adam Aron Now Announces A New Investor Incentive.
Movie theatres will now invest $2.2 billion in massive upgrades over a span of three years to drive moviegoers out of their homes.
Movie theaters such as AMC Entertainment, Regal, and Cinemark are aiming to provide a more ‘premium’ movie experience.
North American movie exhibitors are planning to invest $2.2 billion in theater upgrades over the next three years, aiming to capitalize on the resurgence of Hollywood’s box office this year.
The National Association of Theatre Owners (NATO) announced this significant investment on Thursday, highlighting the ongoing efforts to attract audiences back to cinemas after successful releases like Inside Out 2, Deadpool & Wolverine, Bad Boys: Ride or Die, It Ends With Us, and Despicable Me 4.
NATO president and CEO Michael O’Leary noted the fierce competition for consumers’ spending, stating, “Movie fans of all ages love heading to the local theatre to see great movies on the big screen.
But the competition for their hard-earned dollars is fiercer than ever.”
This investment is seen as a response to the challenges posed by streaming services that have changed viewing habits, reports Hollywood Reporter.
The planned upgrades come as the exhibition industry aims to overcome lingering effects from the pandemic and recent strikes, with a steady lineup of major films expected through 2025.
O’Leary emphasized the importance of creating memorable experiences for moviegoers, saying, “Going to the theatre is an unparalleled entertainment experience, and this investment reflects that commitment in a tangible way that every moviegoer will see and enjoy.”
The funding will be distributed among eight cinema chains, including AMC Entertainment, Regal Cinemas, Cinemark, Cineplex, Marcus Theatres, B&B Theatres, Harkins Theatres, and Santikos Entertainment.
Collectively, these chains operate over 21,000 screens and account for more than two-thirds of the North American box office.
The upgrades will focus on enhancing the viewing experience with laser projection technology, immersive sound systems, improved food and beverage options, and even adding amenities like arcades and bowling.
Additionally, theaters will see improvements in air conditioning, lighting, signage, and carpeting.
As the industry continues to rebound, these enhancements are designed to ensure that patrons enjoy the best possible experience when they choose to visit their local theaters.
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AMC CEO Adam Aron now shares optimistic company news following the recent fed rate cuts, stating its positive effects for business.
“Wednesday’s interest rate cut by the Federal Reserve of 50 basis points should save AMC about $10 million of interest expense per annum, giving us an extra $10 million or so of cash savings each year,” Aron said on X, formerly known as Twitter.
“This is such very good and much welcomed news for AMC. Ka-ching, ka-ching!”
“No one has a perfect crystal ball that can accurately predict the Fed’s future rate actions, but wouldn’t it be helpful for AMC if the Fed would continue to reduce interest rates by another 25, 50, 75, 100, 125, 150 (or more???) basis points in the near term future.
Each such 25 basis point Fed rate reduction could save AMC another approximately $5 million of cash interest expense per year as well.
Here’s hoping there will be many more rate reductions ahead.”
The company recently announced that Marcus Glover has been elected to its Board of Directors.
Glover served in significant positions such as President and Chief Operating Officer at the Borgata Hotel, Casino & Spa, as well as at the Beau Rivage Resort & Casino, and has worked in various senior roles at Caesars Entertainment.
“The addition of Marcus Glover to AMC’s Board of Directors is a great benefit to all those who work for and root for AMC’s success,” said CEO Adam Aron.
“Marcus brings a wealth of experience and leadership to the AMC board, particularly in the varied areas of guest service, employee satisfaction and finance.
I look forward to working with him and all of our board members as we continue to deliver results for our guests, our shareholders, and our partners.”
Movie theatres are now investing a whopping $2.2 billion in upgrades over a span of three years to drive moviegoers out of their homes.
Movie theaters such as AMC Entertainment, Regal, and Cinemark are aiming to provide a more ‘premium’ movie experience, per the National Association of Theatre Owners.
The upgrades will focus on enhancing the viewing experience with laser projection technology, immersive sound systems, improved food and beverage options, and even adding amenities like arcades and bowling.
Additionally, theaters will see improvements in air conditioning, lighting, signage, and carpeting.
In August, CEO Adam Aron said AMC Entertainment Holdings Inc. had the best Q2 June in its 104-year-old history.
The company was also able to secure more than $770 million in cash equivalents by the end of the second quarter.
The “box office is making a come back”, said Adam Aron during the Q2 earnings call.
Now that rates have been cut, the CEO remains even more optimistic of the company’s future.
AMC Entertainment (NYSE:AMC) stock is currently down more than 23% this year-to-date at the time of this publication.
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This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Movie theatres will now invest $2.2 billion in massive upgrades over a span of three years to drive moviegoers out of their homes.
Movie theaters such as AMC Entertainment, Regal, and Cinemark are aiming to provide a more ‘premium’ movie experience.
North American movie exhibitors are planning to invest $2.2 billion in theater upgrades over the next three years, aiming to capitalize on the resurgence of Hollywood’s box office this year.
The National Association of Theatre Owners (NATO) announced this significant investment on Thursday, highlighting the ongoing efforts to attract audiences back to cinemas after successful releases like Inside Out 2, Deadpool & Wolverine, Bad Boys: Ride or Die, It Ends With Us, and Despicable Me 4.
NATO president and CEO Michael O’Leary noted the fierce competition for consumers’ spending, stating, “Movie fans of all ages love heading to the local theatre to see great movies on the big screen.
But the competition for their hard-earned dollars is fiercer than ever.”
This investment is seen as a response to the challenges posed by streaming services that have changed viewing habits, reports Hollywood Reporter.
The planned upgrades come as the exhibition industry aims to overcome lingering effects from the pandemic and recent strikes, with a steady lineup of major films expected through 2025.
O’Leary emphasized the importance of creating memorable experiences for moviegoers, saying, “Going to the theatre is an unparalleled entertainment experience, and this investment reflects that commitment in a tangible way that every moviegoer will see and enjoy.”
The funding will be distributed among eight cinema chains, including AMC Entertainment, Regal Cinemas, Cinemark, Cineplex, Marcus Theatres, B&B Theatres, Harkins Theatres, and Santikos Entertainment.
Collectively, these chains operate over 21,000 screens and account for more than two-thirds of the North American box office.
The upgrades will focus on enhancing the viewing experience with laser projection technology, immersive sound systems, improved food and beverage options, and even adding amenities like arcades and bowling.
Additionally, theaters will see improvements in air conditioning, lighting, signage, and carpeting.
As the industry continues to rebound, these enhancements are designed to ensure that patrons enjoy the best possible experience when they choose to visit their local theaters.
For more news and updates like this, join the newsletter or opt-in for push notifications.
AMC Entertainment (NYSE:AMC) stock closed down 2.22% on Monday with shares falling more than 20% this year-to-date.
This year the S&P Globalraised AMC’s rating to CCC from SD — selective default — but says the company is ‘unsustainable’.
Despite the company’s tough critics hammering the business down, the box office continues to hit it big.
For example, Beetlejuice earned a whopping $150 million worldwide and more than $117 million in domestic revenue during its opening weekend, per IMDB.
The highly anticipated sequel to Tim Burton’s original film, “Beetlejuice Beetlejuice,” has achieved an impressive opening weekend, ranking as the third-best of the year, trailing only behind major hits “Inside Out 2” and “Deadpool & Wolverine.”
Estimated ticket sales for the weekend (Friday through Sunday) at U.S. and Canadian theaters were as follows:
“Beetlejuice Beetlejuice” – $110 million
“Deadpool & Wolverine” – $7.2 million
“Reagan” – $5.2 million
“Alien: Romulus” – $3.9 million
“It Ends With Us” – $3.8 million
“The Forge” – $2.9 million
“Twisters” – $2.3 million
“Blink Twice” – $2.1 million
“The Greatest of All Time” – $2 million
“Despicable Me 4” – $1.8 million
Final domestic figures will be released on Monday.
While the company may have its challenges, it has also recovered significantly from where it once stood.
Combined with the massive support from its loyal fan base and investors, AMC Entertainment seems to have no problems keeping up.
The “box office is making a come back”, said Adam Aron during the Q2 earnings call.
AMC Entertainment was able to secure $770 million in cash equivalents and expressed their optimism moving forward.
So, why is AMC’s short interest going up again?
The company stock continues to be shorted — Fintel is currently reporting more than 1 million short shares were available on Monday.
What does this mean for the investor?
Is it too early to call another short squeeze?
Only time will tell — and I’ll certainly be keeping an eye out on the data and looking at the stock’s performance and trends.
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