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Is AMC Entertainment Holdings a Buy After the Release of the New Spiderman Movie? -Breaking

by Mike Robinson

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© Reuters. AMC Entertainment Holdings Holdings A Buy after the New Spiderman Movie Release?

AMC Entertainment’s (AMC) shares soared nearly 23% in price on Friday after the release of the ‘Spider-Man: No Way Home’ movie. Can this momentum continue despite the increasing competition from streaming services? Read on.Shares of the largest theatrical exhibitor, Leawood, Kans.-based AMC Entertainment Holdings, Inc. (NYSE:) surged nearly 23% in price on Dec. 17 thanks to its highest December night opening ever with a record 1.1 million people attending the premiere of ‘Spider-Man: No Way Home.’

The company’s third-quarter revenues rose 538.7% to $763.20million, an increase of 538.7% over the previous year (ended September 30, 2021). Net loss was $224.20 Million, which is $905.80 millions. However, the adjusted EBITDA loss of $5.40 million was significantly lower than pre-pandemic. The stock has declined 30.9% in price over the past month and 34.1% over the past three months to close Friday’s trading session at $29.12.

AMC faces intense competition from online streaming service providers, such as Amazon.com, Inc.’s (NASDAQ:) Prime Video and Netflix, Inc. (NASDAQ:). Its stock has also fallen as a result of the meme stock frenzy, which is accompanied by greater market volatility and a decreased appetite for risky investments. Its near-term prospects are grim.

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