However, even with diversified content, like football games and concerts, and the company’s ability to accept cryptocurrency for tickets and concessions, analysts don’t expect AMC shares to maintain these lofty levels.
The run up in its stock allowed Aron to secure enough cash to pay rents and even add more theaters.
AMC SECURITY MALL THEATER MOVIE
The “meme stock” rally helped the movie theater chain, which had been hit hard by the pandemic and was laden with debt from previous acquisitions. Prior to this surge of new investors, shares of the company hovered between $5 and $10, but fell as low as $1.91 per share in January when it seemed like AMC might not stave off bankruptcy. In recent months, however, shares have more than halved, falling to around $26. Shares of AMC topped $72, an all-time high, in June, as the company gained support from millions of individual retail investors. AMC’s historical valuation has peaked at around 9 times the metric, he said. Handler noted that the stock is currently trading 30 times next year’s estimated adjusted EBITDA and 22 times his 2023 forecast. “Adam has sold off 90% of his shares to ‘diversify his portfolio’ given his age,” said Eric Handler, media and entertainment analyst at MKM Partners. Representatives for AMC declined to comment. Goodman’s unvested stock meets that requirement. The CFO has to hold six years’ worth of salary in stock.
Under the new policy, the CEO is required to hold owned or granted shares equal to at least eight years of salary. Aron recently announced that the company’s board approved a new stock policy for the company’s senior executives that would require them to hold a certain amount of AMC shares.
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