![]() But that hasn't stopped retail investors from pouring money into the chain on the belief that better times are ahead. The number of paying customers declined by 88 per cent compared to the same period pre-pandemic. The vast majority of the chain's locations are either closed or at reduced capacity, and last month AMC revealed it lost $567 million US in the first three months of the current fiscal year. and another 97 in Canada and around the world. Business isn't boomingĪMC has 585 movie theatres across the U.S. Retail investors on social media networks like Reddit, Discord and others have been buying into the theatre chain in large numbers in recent weeks, buying up as many shares as they can get, despite the company's underlying business still being negatively impacted by COVID-19. The company has become the latest target in a battle between retail traders and Wall Street investors known as short sellers, who make money when stocks go down. That stock price is about six times what the company was worth barely a month ago. When markets closed, AMC shares were worth $62.55 apiece, up about 95 per cent on the day. Shares in money-losing movie theatre chain AMC continued their dizzying rise on Wednesday, doubling in value as retail traders continue to pile into the company on the theory that they've caught Wall Street investors in a squeeze.ĪMC shares briefly topped $70 a share at one point on Wednesday, more than twice the $32 level they closed at the day before.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |