AMC Entertainment (NYSE:AMC) announced its 12th straight adjusted net loss of $0.20 per share for the third quarter of 2022. Nevertheless, the figure compares favorably with an adjusted loss of $0.22 in the same quarter last year and was lower than analysts’ expectations of a loss of $0.23 per share.
AMC stock declined 4.6% in Wednesday’s early trade. Also, the stock is down 78.8% on a year-to-date basis.
Further, revenue climbed 26.9% year-over-year to $968.4 million, surpassing the consensus estimate of $961 million. The top line benefitted from 32.9% growth in attendance to 53.2 million patrons during the third quarter.
While attendance is still below pre-pandemic levels, AMC is nevertheless optimistic about the same in the fourth quarter owing to several popular movie releases during the quarter.
What is AMC’s Stock Price Target?
The average AMC stock price target of $2.80 implies downside potential of 50.18%. The stock has a Moderate Sell consensus rating based on two Holds and three Sells.
