July 21, 2025 — Despite repeated bearish commentary from CNBC’s Jim Cramer, AMC Entertainment Holdings, Inc. (NYSE: AMC) continues to capture the attention of retail investors who remain steadfast in their support for the movie theater giant.
Cramer’s ongoing skepticism about AMC’s financial health and growth prospects has not deterred a loyal base of individual investors, who are buoyed by recent positive developments in the company’s operations and the broader theatrical exhibition industry.
Jim Cramer, host of CNBC’s Mad Money, has consistently advised investors to steer clear of AMC Entertainment, citing its substantial debt and challenging industry dynamics.
In a recent program on July 18, 2025, Cramer remarked, “Wedbush just upgraded AMC last week.
AMC, yeah, lowly worm precisely because it’s got so much IMAX exposure… That said, the analyst acknowledged that, ‘They do not see substantial growth in 2025, 2026, or beyond for AMC.’ Personally, I wouldn’t buy AMC stock.
It’s a money loser with a hideous balance sheet.”
Cramer’s criticism dates back several years.
In April 2025, he stated, “No, the answer is that they should have reorganized by now, and they haven’t.
They have way too much debt.
I want you to stay away from that one,” in response to a question about AMC’s potential to return to pre-COVID growth levels.
Earlier, in June 2024, Cramer described AMC’s balance sheet as “not good” and box office numbers as “horrendous,” urging investors to sell.
He has also labeled AMC a “professional meme stock,” pointing to its volatility driven by retail investor enthusiasm rather than fundamentals.
AMC’s Financial and Operational Landscape
AMC Entertainment, one of the largest cinema chains in the United States, has faced significant challenges since the COVID-19 pandemic disrupted the theatrical exhibition industry.
The company carries a substantial debt load, reported at over $4.1 billion as of September 2024, against $527 million in cash.
Negative free cash flow projections for 2025 and potentially 2026, coupled with a 5.8% drop in theater attendance to 30.5 million in Q1 2024, have fueled concerns about its financial stability.
Analysts, including Roth Capital, have noted that AMC may need to raise additional equity to manage its cash burn, despite expectations of a stronger box office lineup starting in Q2 2024.
However, recent developments suggest signs of recovery.
On July 8, 2025, AMC announced it had restructured approximately $590 million in debt, paying off $173 million in principal and accrued interest due in 2026 and securing $223 million in new financing to ease near-term pressure.
Additionally, summer ticket sales for 2025 rose 16.5% year-over-year, contributing to a 9.4% surge in AMC’s stock price to its highest close since May 30, 2025.
Wedbush analysts upgraded AMC to “Outperform” with a $4 price target, citing improved revenue forecasts of $1.3 billion driven by stronger film releases and IMAX exposure.
Despite Cramer’s warnings, retail investors remain a driving force behind AMC’s market presence.
The company’s status as a “meme stock” stems from its popularity among individual investors, particularly during the 2021 short squeeze fueled by communities like WallStreetBets.
In 2021, Cramer himself acknowledged the influence of retail investors, noting that 80% of AMC’s stock was held by individuals rather than institutions.
This retail enthusiasm persists, with investors expressing confidence in AMC’s recovery on platforms like X.
For instance, a post on June 29, 2025, declared, “RETAIL INVESTORS HAVE WON. #AMC is NEVER GOING BANKRUPT & the movie attendance/revenue keeps breaking box office records!”
Retail investors point to AMC’s operational improvements, such as record-breaking Memorial Day weekend box office figures in 2025 and debt restructuring efforts, as evidence of a potential turnaround.
They also highlight the leadership of CEO Adam Aron, who has actively engaged with retail investors.
In 2021, Aron dared short-sellers to bet against AMC ahead of the No Time to Die release, a move Cramer noted as “playing offense.”
This sentiment continues to resonate, with retail investors on X expressing defiance against bearish predictions and pledging to hold or buy more shares.
Related: Analyst Now Hints At Massive Upcoming Stock Market Rally
Industry Context and Recovery Hopes
The theatrical exhibition industry faces ongoing challenges, including shifts in consumer behavior and competition from streaming services.
Cramer has argued that “the consumer’s not going to the movies like they used to,” recommending alternative investments like Northrop Grumman and John Bean Technologies.
However, AMC’s strategic moves, such as leveraging its IMAX partnership and capitalizing on a robust 2025 film slate, suggest potential for recovery.
The company’s stock, while down 12% year-to-date in 2025 after a volatile month, has shown resilience with recent gains tied to analyst upgrades and improved box office performance.
Overall analysts remain cautiously optimistic.
While Wedbush’s upgrade reflects confidence in short-term gains, they acknowledge limited growth prospects beyond 2026.
Roth Capital’s neutral rating and reduced price target of $3 highlight ongoing concerns about cash burn but note potential benefits from a stronger box office.
Retail investors, however, see these developments as stepping stones toward a broader recovery, with some speculating on X that short-sellers may be forced to cover positions, potentially triggering a squeeze.
Jim Cramer’s persistent bearish outlook on AMC Entertainment, rooted in its high debt and industry challenges, contrasts sharply with the optimism of retail investors who continue to back the company.
AMC’s recent debt restructuring, improved box office figures, and analyst upgrades provide tangible reasons for hope, even as long-term uncertainties remain.
The resilience of retail investors, who hold a significant portion of AMC’s stock, underscores their belief in the company’s potential to navigate its challenges and capitalize on a recovering theatrical market.
As AMC moves forward, the tug-of-war between Wall Street skepticism and Main Street conviction continues to shape its narrative.
But I’m curious to know what you think — leave your thoughts below.
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