Instead, shares of the movie theater chain sank 14% Thursday after AMC announced it would offer up to $350 million of stock in an at-the-market offering.
“It is more likely that AMC will continue to focus on garnering shareholder support by only issuing shares when the need arises or when shares are trading at elevated levels.” Reese said.On Wednesday, AMC reported third-quarter financials that beat Wall Street expectations, fueled by the performance of movie blockbusters Barbie and Oppenheimer.
“These results reflect AMC’s promising growth path to recovery in the post-pandemic era,” wrote Benchmark analyst Mike Hickey, who rates the stock as a Hold without a price target.
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