Shares of AMC Entertainment (NYSE:AMC) are soaring today after CEO Adam Aron tweeted that new movie release “Avatar: The Way of Water” has exceeded his expectations. Indeed, he goes on to state that the movie will exceed over $1.8 billion globally by this week. This implies that people still want to visit movie theatres, which benefits AMC.
Today’s news appears to have been enough to squeeze some short-sellers as meme stock traders continue to build on this month’s strong performance. Indeed, shares are up almost 20% over the past five days.
However, Wall Street remains unconvinced, as analysts have a consensus price target of $2.53 on AMC stock, implying over 58% downside potential, as indicated by the graphic above.