AMC Entertainment Holdings Inc (NYSE:AMC): Latest Price

AMC is trading 3.08 lower at $ 27.815 in the current trading session

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An Unusual Last Year for AMC Entertainment

• March 2020 set the world rocking negatively impacting all the major industries, but cinema and entertainment industries were worst affected with AMC not being out of mix and forcing them to shut all their theaters and giving all their employees forced leave.
• But, AMC has seen a turnaround since start of this year and has given more than 1200 percent return. However, this rally is not backed by financials and is claimed to be another crazy trading by reddit traders for meme stock.
• AMC Entertainment rode the wave of “meme stock” trading on 2^nd June and stock spiked to all time high of $72.62, a breathtaking upside from $2 price on 4^th January 2021.
• AMC reported it has sold 8.5 million newly issued shares to Mudrick Capitals, a favorite of reddit traders and that fueled frenzy trading in the stock. The company raised $230.5 million through the sale, and plans to use that capital to upgrade theaters and deleverage its balance sheet.
• The company launched a program called AMC investors connect in early June that is specifically designed to turn shareholders into customers, thereby taking benefits from unseen rally.

CEO Sells Shares to Plan Retirement

• AMC CEO Adam Aron sold 625,000 shares on Tuesday, and plans to sell shares of this much quantum in near future under a selling program filed with Securities and Exchange commission. The sale is part of executive estate planning.
• The shares were sold at an average price of $40.53, at a valuation of $25 million. AMC shares reacted to news and fell 4 percent on Wednesday to close at $38.29.
• The filings with Exchange gave Aron the right to sell the stake of 1.25 million shares over the coming days or weeks. Aron currently holds           400,000 shares of unrestricted shares and 3.3 million shares of unvested restricted stocks and he needs to wait for some time so that restricted stocks vests to complete the sale of 1.25 million shares.
• Aron turned 67 this year and is reported saying that prudent planning suggests he should diversify his assets fearing potentially soaring capital gains tax rates by Congress and significant changes to what can be passed to one’s heir.

Q3 Earnings Beat Estimates and Crypto Payments Starts for AMC

• During the third quarter, the company saw revenue rose to $425.1 million from $62.9 million in the year ago period and food and beverage sale also surged to $265 million from $29 million in a year ago period.
• Diluted EPS stands at -0.44 per share and as operating costs outpaced its revenue, company posted a loss of $224 million for the quarter.
• Good news is that AMC theaters have joined the crypto bandwagon and company’s customers can do online payment via Bitcoin, Ether, Bitcoin Cash and Litecoin and Dogecoin is expected to be next cryptocurrency to be added in the pipeline. 

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Writer: Vineet Agarwal

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