AMC ends Monday’s session up 0.9%, stopping a 7-session losing streak
Shares of AMC Entertainment Holdings Inc. snapped their longest losing streak in 18 months Monday.
AMC’s AMC, +0.50% stock ended Monday’s session up 0.9%, after ending Friday’s session down 3.8%. Friday’s decline marked the seventh consecutive day of losses for shares of the movie-theater chain and meme-stock darling, and their longest losing streak since Jan. 27, 2022, when they fell for 11 straight trading days.
Shares of AMC have fallen 0.6% this year, compared with the S&P 500 index’s SPX, -0.45% 12.7% gain,
AMC’s Preferred Equity units APE, -0.55% ended Monday’s session down 0.8% ahead of a key hearing this week in AMC’s push to convert APEs to common stock. In March, AMC shareholders voted in support of the company’s proposal to convert AMC Preferred Equity units into shares of common stock in what the company’s CEO Adam Aron described as a “landslide victory.” The move is part of the company’s ongoing battle to eliminate debt.
AMC subsequently reached an agreement to settle a court fight with shareholders concerning the proposed stock conversion. A Delaware Chancery Court judge must approve the settlement proposal, with a hearing set for Thursday and Friday. A decision is expected to be announced at a later date.
Of eight analysts surveyed by FactSet, three have a hold rating and five have a sell rating for AMC.