AMC Entertainment (NYSE:AMC) Shares Down 6.6% Following Analyst Downgrade

AMC Entertainment Holdings, Inc. (NYSE:AMC) shares traded down 6.6% on Thursday after B. Riley lowered their price target on the stock from $8.00 to $6.00. B. Riley currently has a neutral rating on the stock. AMC Entertainment traded as low as $4.26 and last traded at $4.28. 3,689,830 shares were traded during mid-day trading, a decline of 86% from the average session volume of 26,233,943 shares. The stock had previously closed at $4.58.

Several other research firms also recently weighed in on AMC. Wedbush restated a “neutral” rating and set a $4.00 target price on shares of AMC Entertainment in a report on Monday, August 5th. Morgan Stanley reduced their target price on AMC Entertainment from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Monday, August 12th. Finally, Benchmark reissued a “hold” rating on shares of AMC Entertainment in a report on Thursday. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, AMC Entertainment currently has an average rating of “Hold” and a consensus target price of $5.44.

Hedge Funds Weigh In On AMC Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in AMC Entertainment by 22.9% in the 1st quarter. Vanguard Group Inc. now owns 24,804,669 shares of the company’s stock valued at $92,273,000 after buying an additional 4,617,007 shares during the period. Renaissance Technologies LLC increased its position in AMC Entertainment by 18.2% during the second quarter. Renaissance Technologies LLC now owns 10,285,826 shares of the company’s stock worth $51,223,000 after purchasing an additional 1,585,430 shares during the last quarter. Marshall Wace LLP purchased a new position in AMC Entertainment during the second quarter worth approximately $6,775,000. SG Americas Securities LLC raised its position in shares of AMC Entertainment by 1,894.0% in the 2nd quarter. SG Americas Securities LLC now owns 1,121,025 shares of the company’s stock worth $5,583,000 after buying an additional 1,064,805 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in AMC Entertainment by 92.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,086,600 shares of the company’s stock worth $5,411,000 after acquiring an additional 522,063 shares in the last quarter. 28.80% of the stock is currently owned by institutional investors and hedge funds.

AMC Entertainment Price Performance

The stock has a 50-day moving average price of $4.50 and a 200-day moving average price of $4.65. The firm has a market capitalization of $1.55 billion, a PE ratio of -2.66 and a beta of 1.83.

AMC Entertainment (NYSE:AMC) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) EPS. As a group, equities research analysts predict that AMC Entertainment Holdings, Inc. will post -1.36 earnings per share for the current fiscal year.

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.