AMC Entertainment (NYSE:AMC) Stock Price Down 6% Following Analyst Downgrade

Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) were down 6% during trading on Thursday after Wedbush lowered their price target on the stock from $6.00 to $4.00. Wedbush currently has a neutral rating on the stock. AMC Entertainment traded as low as $2.78 and last traded at $2.80. Approximately 3,130,811 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 15,152,169 shares. The stock had previously closed at $2.98.

Separately, B. Riley cut their target price on shares of AMC Entertainment from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Four equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $5.95.

Institutional Investors Weigh In On AMC Entertainment

Large investors have recently added to or reduced their stakes in the business. Covestor Ltd increased its stake in AMC Entertainment by 417.6% during the 1st quarter. Covestor Ltd now owns 1,061 shares of the company’s stock worth $26,000 after buying an additional 856 shares during the period. KBC Group NV purchased a new stake in shares of AMC Entertainment in the 4th quarter valued at approximately $30,000. Russell Investments Group Ltd. purchased a new stake in shares of AMC Entertainment in the 4th quarter valued at approximately $34,000. Quantamental Technologies LLC purchased a new stake in shares of AMC Entertainment in the 1st quarter valued at approximately $212,000. Finally, XTX Topco Ltd purchased a new stake in shares of AMC Entertainment in the 1st quarter valued at approximately $232,000. 28.80% of the stock is owned by hedge funds and other institutional investors.

AMC Entertainment Stock Performance

The stock’s 50-day simple moving average is $4.01 and its 200 day simple moving average is $5.97. The company has a market capitalization of $771.41 million, a PE ratio of -1.24 and a beta of 1.62.

AMC Entertainment (NYSE:AMC) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.16. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. On average, analysts expect that AMC Entertainment Holdings, Inc. will post -1.7 earnings per share for the current year.

About AMC Entertainment

AMC Entertainment Holdings, Inc, through its subsidiaries, engages in the theatrical exhibition business. It owns, operates, or has interests in theatres in the United States and Europe. The company was founded in 1920 and is headquartered in Leawood, Kansas.