Wedbush Analysts Reduce Earnings Estimates for AMC Entertainment Holdings, Inc. (NYSE:AMC)

AMC Entertainment Holdings, Inc. (NYSE:AMC – Get Rating) – Research analysts at Wedbush cut their Q2 2022 earnings per share estimates for AMC Entertainment in a research report issued to clients and investors on Tuesday, August 2nd. Wedbush analyst A. Reese now expects that the company will earn ($0.36) per share for the quarter, down from their prior forecast of ($0.33). Wedbush currently has a “Underperform” rating and a $4.00 target price on the stock. The consensus estimate for AMC Entertainment’s current full-year earnings is ($1.13) per share. Wedbush also issued estimates for AMC Entertainment’s Q3 2022 earnings at ($0.33) EPS, Q4 2022 earnings at ($0.23) EPS, FY2022 earnings at ($1.45) EPS, Q1 2023 earnings at ($0.08) EPS, Q2 2023 earnings at ($0.03) EPS, Q3 2023 earnings at ($0.11) EPS, Q4 2023 earnings at ($0.08) EPS, FY2023 earnings at ($0.30) EPS and FY2024 earnings at ($0.27) EPS.

AMC Entertainment (NYSE:AMC – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.03). The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.18 billion. The company’s revenue was up 162.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.71) earnings per share.

Other equities research analysts have also issued reports about the company. B. Riley decreased their target price on AMC Entertainment from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Citigroup cut their target price on AMC Entertainment from $6.00 to $5.00 and set a “sell” rating for the company in a research note on Thursday, July 7th. The Goldman Sachs Group cut their target price on AMC Entertainment to $34.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Finally, StockNews.com upgraded AMC Entertainment to a “sell” rating in a research note on Wednesday, July 20th. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat.com, AMC Entertainment has an average rating of “Reduce” and an average price target of $13.50.

AMC Entertainment Price Performance

Shares of AMC Entertainment stock opened at $22.18 on Thursday. AMC Entertainment has a 1 year low of $9.70 and a 1 year high of $52.79. The firm has a market cap of $11.46 billion, a PE ratio of -10.77 and a beta of 1.64. The stock has a fifty day moving average price of $14.26 and a 200-day moving average price of $15.90.

Institutional Trading of AMC Entertainment

A number of hedge funds have recently bought and sold shares of AMC. BlackRock Inc. boosted its stake in AMC Entertainment by 7.2% during the fourth quarter. BlackRock Inc. now owns 42,892,769 shares of the company’s stock valued at $1,166,684,000 after buying an additional 2,877,100 shares during the last quarter. Renaissance Technologies LLC raised its position in AMC Entertainment by 86.7% during the fourth quarter. Renaissance Technologies LLC now owns 4,681,833 shares of the company’s stock valued at $127,346,000 after purchasing an additional 2,174,300 shares during the period. Invesco Ltd. raised its holdings in shares of AMC Entertainment by 418.4% in the first quarter. Invesco Ltd. now owns 2,635,266 shares of the company’s stock worth $64,934,000 after buying an additional 2,126,916 shares during the period. Coatue Management LLC purchased a new stake in shares of AMC Entertainment in the first quarter worth approximately $12,801,000. Finally, California Public Employees Retirement System raised its holdings in shares of AMC Entertainment by 432.1% in the fourth quarter. California Public Employees Retirement System now owns 619,400 shares of the company’s stock worth $16,848,000 after buying an additional 503,000 shares during the period. Hedge funds and other institutional investors own 34.20% of the company’s stock.

About AMC Entertainment

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AMC Entertainment Holdings, Inc, through its subsidiaries, engages in the theatrical exhibition business. The company owns, operates, or has interests in theatres in the United States and Europe. As of March 1, 2022, it operated approximately 950 theatres and 10,600 screens. The company was founded in 1920 and is headquartered in Leawood, Kansas.