AMC Entertainment (NYSE:AMC) Shares Gap Up - Here's Why

Key Points

• AMC Entertainment shares experienced a gap up, opening at $3.24 after closing at $2.93, with a trading volume of over 14 million shares.
• Analysts’ ratings for AMC vary, with one raising the stock's price target to $4.00, while others set targets as low as $2.60, suggesting mixed market sentiment.
• Institutional investors hold 28.80% of AMC's stock, with several hedge funds increasing their positions significantly in recent quarters.

AMC Entertainment Holdings, Inc. (NYSE:AMC - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $2.93, but opened at $3.24. AMC Entertainment shares last traded at $3.10, with a volume of 14,111,818 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Roth Mkm cut their price target on shares of AMC Entertainment from $3.25 to $3.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. B. Riley started coverage on shares of AMC Entertainment in a research report on Friday, May 16th. They set a "neutral" rating and a $3.00 price target on the stock. Wedbush raised shares of AMC Entertainment from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $3.00 to $4.00 in a research report on Friday, July 11th. Finally, Citigroup reiterated a "sell" rating and set a $2.60 price objective (up from $2.30) on shares of AMC Entertainment in a research note on Thursday, May 29th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, AMC Entertainment currently has a consensus rating of "Hold" and an average price target of $4.26.

AMC Entertainment Trading Up 2.9%

The firm's 50-day moving average is $3.12 and its 200 day moving average is $3.06. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -3.08 and a beta of 1.49.

Institutional Trading of AMC Entertainment

Several hedge funds have recently modified their holdings of the stock. Legacy Financial Strategies LLC purchased a new position in shares of AMC Entertainment in the 1st quarter worth about $29,000. Sovereign Financial Group Inc. bought a new position in shares of AMC Entertainment in the second quarter worth approximately $32,000. Ground Swell Capital LLC bought a new position in shares of AMC Entertainment in the first quarter worth approximately $30,000. CFO4Life Group LLC bought a new position in shares of AMC Entertainment in the second quarter worth approximately $33,000. Finally, Sterling Capital Management LLC grew its position in AMC Entertainment by 831.5% during the fourth quarter. Sterling Capital Management LLC now owns 10,843 shares of the company's stock valued at $43,000 after acquiring an additional 9,679 shares during the last quarter. Institutional investors own 28.80% of the company's stock.

About AMC Entertainment

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.

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