$APE run over. It's a busy week for movie-theate
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Posted On: 09/15/2023 12:58:59 PM
$APE run over.
It's a busy week for movie-theater chain and meme-stock darling AMC
Shares of AMC Entertainment Holdings Inc. rose 2% in premarket trades Friday amid the movie-theater chain and meme- stock darling's reverse 1-for-10 split of common stock and AMC Preferred Equity unit stock conversion.
AMC's (AMC) reverse stock split occurred Thursday. Conversion of APEs into AMC common stock is expected to occur Friday, with the APEs ceasing trading and subsequently being delisted from the New York Stock Exchange .
In a form 8-K filing late Thursday AMC said that it has registered just over 6.9 million shares of Class A common stock to be issued as part of a previously announced litigation-settlement payment.
Related:What's next for AMC after court approval of revised stock-conversion plan?
AMC's stock ended Thursday's session down 26.7%, extending their losing streak to four days. Some 29.2% of AMC's float is shorted. The APEs ended Thursday's session down 17.9%.
The APEs began trading on the New York Stock Exchange on Aug. 22, 2022 , marking the latest chapter in a fight over stock issuances. APEs opened at $6.95 on their first day of trading last year and closed at $1.44 on Thursday. The APE name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as "apes" or "ape nation."
In a note released Thursday, Wedbush raised its AMC price target to $19 from $2 . "AMC's court case resolution removes a significant overhang, and we expect AMC shares to settle around our new $19 price target post-conversion and post- reverse-stock-split," said Wedbush analyst Alicia Reese .
Related: AMC reverse stock split, APE conversion remove 'overhang,' analyst says in upgrade
Wedbush also upgraded AMC to neutral from underperform. "We think AMC is well-positioned against an improving industry backdrop," said Reese, in the note, adding that Wedbush expects North American box office to end up 20% higher than 2022.
AMC has been on a roller-coaster ride over the past few years that took it from a beleaguered pandemic victim to meme- stock phenomenon. AMC used the steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021 .
- James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-25-23 0818ET
Copyright (c) 2023 Dow Jones & Company, Inc.
It's a busy week for movie-theater chain and meme-stock darling AMC
Shares of AMC Entertainment Holdings Inc. rose 2% in premarket trades Friday amid the movie-theater chain and meme- stock darling's reverse 1-for-10 split of common stock and AMC Preferred Equity unit stock conversion.
AMC's (AMC) reverse stock split occurred Thursday. Conversion of APEs into AMC common stock is expected to occur Friday, with the APEs ceasing trading and subsequently being delisted from the New York Stock Exchange .
In a form 8-K filing late Thursday AMC said that it has registered just over 6.9 million shares of Class A common stock to be issued as part of a previously announced litigation-settlement payment.
Related:What's next for AMC after court approval of revised stock-conversion plan?
AMC's stock ended Thursday's session down 26.7%, extending their losing streak to four days. Some 29.2% of AMC's float is shorted. The APEs ended Thursday's session down 17.9%.
The APEs began trading on the New York Stock Exchange on Aug. 22, 2022 , marking the latest chapter in a fight over stock issuances. APEs opened at $6.95 on their first day of trading last year and closed at $1.44 on Thursday. The APE name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as "apes" or "ape nation."
In a note released Thursday, Wedbush raised its AMC price target to $19 from $2 . "AMC's court case resolution removes a significant overhang, and we expect AMC shares to settle around our new $19 price target post-conversion and post- reverse-stock-split," said Wedbush analyst Alicia Reese .
Related: AMC reverse stock split, APE conversion remove 'overhang,' analyst says in upgrade
Wedbush also upgraded AMC to neutral from underperform. "We think AMC is well-positioned against an improving industry backdrop," said Reese, in the note, adding that Wedbush expects North American box office to end up 20% higher than 2022.
AMC has been on a roller-coaster ride over the past few years that took it from a beleaguered pandemic victim to meme- stock phenomenon. AMC used the steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021 .
- James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-25-23 0818ET
Copyright (c) 2023 Dow Jones & Company, Inc.
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The majority of my post are the top 20% gainer! To decode them its (ticker ID, % Changed, Volume, Close price and Float) I typically put V,C&F as a prefix to that number and use K, M and B as a suffix (Kilo, Million & Billion) for volume and float. I may also use S for Support and R for Resistance.
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I (Znewcar1) do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
I will not and cannot be held liable for any actions you take as a result of anything you read here.