AMC Entertainment (NYSE:AMC) Shares Gap Down - Here's What Happened

Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $3.10, but opened at $2.91. AMC Entertainment shares last traded at $2.91, with a volume of 8,115,157 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMC. Roth Mkm cut their price objective on AMC Entertainment from $3.25 to $3.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Citigroup reissued a "sell" rating and set a $2.60 price target (up previously from $2.30) on shares of AMC Entertainment in a research report on Thursday, May 29th. Finally, B. Riley initiated coverage on AMC Entertainment in a report on Friday, May 16th. They issued a "neutral" rating and a $3.00 price target for the company. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, AMC Entertainment currently has an average rating of "Hold" and an average price target of $4.26.

AMC Entertainment Trading Up 1.9%

The company's 50 day simple moving average is $3.04 and its 200 day simple moving average is $3.21. The stock has a market capitalization of $1.27 billion, a PE ratio of -2.99 and a beta of 1.43.

AMC Entertainment (NYSE:AMC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $0.03. The business had revenue of $862.50 million for the quarter, compared to analyst estimates of $983.23 million. AMC Entertainment's revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.62) EPS. As a group, analysts predict that AMC Entertainment Holdings, Inc. will post -1.38 EPS for the current year.

Institutional Trading of AMC Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in shares of AMC Entertainment by 5.5% in the first quarter. Rhumbline Advisers now owns 539,188 shares of the company's stock worth $1,547,000 after acquiring an additional 28,017 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of AMC Entertainment by 30.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 710,181 shares of the company's stock valued at $2,038,000 after purchasing an additional 164,740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of AMC Entertainment by 21.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 240,255 shares of the company's stock valued at $690,000 after buying an additional 41,860 shares during the period. Covalent Partners LLC increased its holdings in shares of AMC Entertainment by 58.3% during the 1st quarter. Covalent Partners LLC now owns 95,000 shares of the company's stock worth $273,000 after buying an additional 35,000 shares during the last quarter. Finally, Graham Capital Management L.P. raised its position in shares of AMC Entertainment by 272.7% in the 1st quarter. Graham Capital Management L.P. now owns 625,783 shares of the company's stock worth $1,796,000 after buying an additional 457,856 shares during the period. Hedge funds and other institutional investors own 28.80% of the company's stock.

AMC Entertainment Company Profile

AMC Entertainment Holdings, Inc, through its subsidiaries, engages in the theatrical exhibition business. It owns, operates, or has interests in theatres in the United States and Europe. The company was founded in 1920 and is headquartered in Leawood, Kansas.