AMC Entertainment (NYSE:AMC) Trading Down 6% After Analyst Downgrade

AMC Entertainment Holdings, Inc. (NYSE:AMC)’s stock price fell 6% during mid-day trading on Thursday after Wedbush lowered their price target on the stock from $6.00 to $4.00. Wedbush currently has a neutral rating on the stock. AMC Entertainment traded as low as $2.78 and last traded at $2.80. 3,130,811 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 15,152,169 shares. The stock had previously closed at $2.98.

Separately, B. Riley lowered their target price on AMC Entertainment from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Four investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat.com, AMC Entertainment currently has an average rating of “Reduce” and an average price target of $5.95.

Hedge Funds Weigh In On AMC Entertainment

Large investors have recently made changes to their positions in the company. Covestor Ltd increased its stake in shares of AMC Entertainment by 417.6% during the first quarter. Covestor Ltd now owns 1,061 shares of the company’s stock worth $26,000 after purchasing an additional 856 shares during the period. KBC Group NV acquired a new stake in AMC Entertainment during the fourth quarter worth approximately $30,000. Russell Investments Group Ltd. acquired a new stake in AMC Entertainment during the fourth quarter worth approximately $34,000. PNC Financial Services Group Inc. grew its position in AMC Entertainment by 44.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,240 shares of the company’s stock worth $46,000 after buying an additional 3,448 shares in the last quarter. Finally, Peapack Gladstone Financial Corp acquired a new stake in AMC Entertainment during the first quarter worth approximately $54,000. Institutional investors own 28.80% of the company’s stock.

AMC Entertainment Price Performance

The firm has a market cap of $831.96 million, a price-to-earnings ratio of -1.34 and a beta of 1.62. The stock has a 50-day moving average of $3.99 and a 200-day moving average of $5.94.

AMC Entertainment (NYSE:AMC) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.16. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. On average, equities analysts expect that AMC Entertainment Holdings, Inc. will post -1.7 EPS 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.