Due to the overwhelming sale of tickets for SPIDER-MAN: NO WAY HOME, AMC Entertainment Holdings (AMC) recorded its second busiest ticket sales day for a single movie title in the company’s entire history on Monday. Shares of the largest U.S. movie theater company had gained around 3% in the pre-market trading session at the time of writing.
The day also represents the single busiest ticket sales day since AMC theatres reopened during the summer of 2020, after closing down due to the COVID-19 outbreak in March 2020. (See AMC Entertainment stock charts on TipRanks)
Markedly, AMC’s sales for SPIDER-MAN: NO WAY HOME came within 1.5% of the all-time single-day record, set by AVENGERS: ENDGAME in 2019, the company said.
The outstanding sale of these tickets can be attributed to some extent to the collaboration between AMC and Sony Pictures to offer the first-ever NFT promotion by a major theatrical exhibitor. A total of 86,000 NFTs were made available for AMC Stubs Premiere, A-List, and Investor Connect members, with one NFT being given per qualifying member.
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Wall Street’s Take
Recently, MKM Partners analyst Eric Handler reiterated a Sell rating and a price target of $1.00 on the stock despite “improving trends.”
The rest of the Street is bearish on the stock with a Moderate Sell consensus rating based on 2 Holds and 3 Sells. The average AMC Entertainment price target of $8.17 implies 75.93% downside potential from current levels. Shares have gained almost 6% over the past six months.
Investors’ Holdings
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on AMC Entertainment, with 4.7% of investors maintaining portfolios on TipRanks decreasing their exposure to AMC stock over the past 30 days.
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