MJP –
This year, six different entities have boosted their holdings in AMC Entertainment Holdings Inc. (NYSE: AMC), setting themselves up for a potential run.
Brand new information from MarketBeat indicates that six different banks have substantially raised their holdings in the infamous “meme stock,” AMC.
Despite an almost 28% decline in share price so far this year, the fact that institutions are piling on the stock is encouraging and suggests bullish expectations.
In the first quarter of 2018, Mayflower Financial Advisors LLC invested approximately $37,000 in AMC Entertainment.
During the second quarter, Skylands Capital LLC invested around $50,000 more in AMC Entertainment stock.
In the first quarter, Powell Investment Advisors LLC acquired a new stake in AMC Entertainment shares, with a valuation of around $55,000.
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An investment of 50.6% increased in AMC Entertainment was made by Principal Financial Group Inc. during the first quarter.
After purchasing 6,748 more shares in the most recent quarter, Principal Financial Group Inc.’s total holdings in the company’s stock increased to 20,091, with a value of $75,000.
Lastly, in the second quarter, Quarry LP increased its holdings in AMC Entertainment shares by an astounding 9,601.2%.
Quarry LP increased its holdings in the company’s stock by 15,458 shares during the quarter, bringing its total to 15,619 shares, which is worth $78,000.
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These days, about 28.80% of the shares in the company comes from institutional investors.
In light of the recent reductions in interest rates by the Federal Reserve, AMC CEO Adam Aron recently shared some encouraging news about the company.
“AMC should save about $10 million of interest expense per annum, giving us an extra $10 million or so of cash savings each year,” Aron remarked on X, formerly known as Twitter, in reference to Wednesday’s interest rate drop of 50 basis points by the Federal Reserve.
This is fantastic news for AMC, and they are thrilled about it. There’s a ka-ching!
Even though AMC stock is currently trading at $4.40, there is still a lot of talk among individual investors about a possible short squeeze.
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