What's Going On With AMC Entertainment Stock?
AMC Entertainment Holdings, Inc. (NYSE:AMC) shares are trading lower Wednesday, and the stock has fallen more than 30% over the past month.
What To Know:
AMC Entertainment announced that the “Taylor Swift – The Eras Tour” concert film officially became the highest grossing concert and documentary film in box office history. The film is distributed exclusively by AMC Theatres Distribution.
In early January, AMC disclosed that it entered into multiple exchange agreements between Dec. 28 and Dec. 29, under which it issued or will issue 3,258,657 shares of its common stock in exchange for $22.5 million of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due in 2026.
This followed several other exchange agreements in December, and AMC completed a $350 million at-the-market equity offering in December as well.
On Jan. 2, analyst Eric Wold of B. Riley Securities maintained a Neutral rating on AMC, adjusting the price target from $15 to $12.
AMC shares set a new all-time low of $4.76 on Wednesday, and the stock is trading well-below it’s 50-day moving average of $7.35.
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AMC Price Action: According to Benzinga Pro, AMC Entertainment shares are down 5% at $4.78 at the time of publication.
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