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AMC Entertainment (NYSE:AMC) Soars After Announcing Re-Opening Plan

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Shares of AMC Entertainment Holdings, Inc. (NYSE: AMC) has jumped higher after it has announced its plan to open its theatres by the weekend. AMC will resume operations in California theatre for the first time on Friday, the company disclosed.

The announcement of positive vaccine developments and decreased new cases has caused an increase in the group in recent weeks. The decision of opening 140 theatres by Saturday, bringing a total of 70% of its movie theatres in the US back into operation.

AMC Entertainment Holdings shares were trading up 15.98% as it gained +0.97 on Wednesday. It has opened at $7.01 and has a closing price of $7.04. Its share price went from a low point around $1.95 to briefly over $12.13 in the past 52 weeks. It has a day low and high range of $6.46 and $7.71, respectively.

AMC market cap has remained high, hitting $796.51 million at the time of writing. It has moved up 261.03% from its 52-weeks low and moved down -41.96% from its 52-weeks high. AMC had reported a trading volume of 43.06 million as compared to the average volume of 7.55 million.

If we look at its profitability, it has a return on assets (ROA) of -22.79%, and return on investment (ROI) of 2.60%. AMC’s Gross Margin is 64.50%, Profit Margin is -75.30%, and an Operating Margin is -64.30%. Continuing to look at its liquidity, it has a current ratio of 0.40. Similarly, its quick ratio is also 0.40.

The re-opening decision came after Warner Bros. announced the plan to release its oft-delayed Christopher Nolan thriller ‘Tenet’ in U.S. theaters on Thursday.

As the COVID-19 pandemic continued to rise the movie theatres all around the nations were closed in mid-march. As the cases are decreasing continuously the theatres are now planning to resume operations.

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