Theatre chain AMC Theatres (NYSE: AMC) surged on Monday after the company marked the most attendance and admissions revenue in a single weekend since 2019. Indeed, it recorded more than 7.8 million moviegoers at AMC theaters in the U.S. or at ODEON Cinemas in international locations from July 20 to July 23.
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AMC stated in its press release that the record attendance was driven primarily by the success of movies like Barbie and Oppenheimer, resulting in “more than 87,000 AMC Stubs members booking tickets to see both movies on the same day.”
Meanwhile, a Delaware court rejected AMC’s request to pursue its AMC Preferred Equity (NYSE:APE) share conversion to common stock. In response, AMC filed a revised proposal for its APE conversion plan on Saturday. Details of this revised proposal are expected to be disclosed later today.
The stock has been a meme favorite and has jumped more than 40% year-to-date.
Analysts remain bearish about AMC stock with a Moderate Sell consensus rating based on two Holds and three Sells and expect the stock volatility to continue.
