Where Does AMC Stock Go From Here?
The summer season is off to a rough start for multiplex operators, and AMC Entertainment Holdings (NYSE: AMC) may seem vulnerable here, despite the rallying shares. Investors initially cheered that U.S. box-office receipts during Memorial Day weekend were nearly half of where ticket sales were two years ago. Audiences have contracted in each of the three subsequent weekends.
The $46.3 million in overall gross ticket sales by exhibitors during Father's Day weekend is 66% below where the industry was in the third weekend of June in 2019. Put another sobering way, just 1.5% of the country went to the movies this past weekend.
It's a grim trend, cutting against the narrative of one of this year's hottest stocks. The summer will get better from here, and ideally, the prospects for AMC will follow suit.
Source Fool.com
