AMC Entertainment has started the year off with more volatility, with the stock falling to an all-time low on Wednesday.
Shares of the movie-theater chain were down 8.67% to $5.58 and traded as low as $5.55, a new all-time intraday low based on available data back to December 2013, according to Dow Jones Market Data.
The decline Wednesday continues a tough run for the stock. It lost 83% in 2023, the stock's worst calendar-year performance on record. Over the last few years it has weathered many a storm: the Covid pandemic; the writers and actors strikes; and its meme-stock era, which included the company issuing millions of preferred equity units, or APEs. Each has only added to the stock's volatility.
Chief Executive Officer Adam Aron, however, has remained optimistic.
"To the prophets of doom certain that AMC would fail as a company and be forced into bankruptcy court in 2023: It is December 31, so we all know that YOU WERE WRONG. AMC is still here, still innovating, still blazing new trails," Aron wrote on social media platform X on Dec. 31. "To the rest of you (think Apes) Happy New Year!"
Analysts, however, take a different view. Of those covering AMC, 57% rate shares at Neutral and 43% at Sell, according to FactSet. On Tuesday, B. Riley Securities analysts maintained their Neutral rating on shares but cut their price target to $12 from $15.
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