AMC shares gain for a third straight session on Wednesday, company plans to open additional 170 US theatres, starting August 27th

Having reopened successfully over 100 of its theatres across the United States, AMC plans a second wave of reopenings. The company said that 170 more of its US locations would open on August 27th ahead of the release of “The New Mutants.”

Once the second wave of reopenings is complete, AMC will have almost 300 open locations in the US.

Shares of AMC Entertainment Holdings closed higher for a third consecutive trading session in New York on Wednesday. The stock went up 1.08% ($0.06) to $5.60, after touching an intraday high at $5.66, or a price level not seen since August 21st ($5.68).

Shares of AMC Entertainment Holdings Inc have retreated 22.65% so far this year, following another 41.04% drop in 2019.

The company intends to open nearly two thirds of its over 600 US theatres in time for the release of Warner Bros’ “Tenet” on September 3rd. The remaining AMC locations in the US will open only after permitted to do so by state and local authorities.

“We are grateful for the positive feedback we have been receiving about our guests’ desire to see movies on the big screen at AMC, and about our extensive AMC Safe & Clean policies and procedures,” Adam Aron, President and Chief Executive of AMC Theatres, said in a statement.

“Our comprehensive commitment to operating our theatres safely now includes social distancing through limiting ticket sales and automatic seat blocking, seamless contactless ticketing, greatly enhanced cleaning procedures, the availability of hand sanitizer and disinfecting wipes throughout our theatres, as well as a mandatory mask policy for all guests and crew members,” Aron added.

Analyst stock price forecast and recommendation

According to CNN Money, the 7 analysts, offering 12-month forecasts regarding AMC Entertainment Holdings Inc’s stock price, have a median target of $4.00, with a high estimate of $5.00 and a low estimate of $1.00. The median estimate represents a 28.57% downside compared to the closing price of $5.60 on August 26th.

The same media also reported that at least 7 out of 10 surveyed investment analysts had rated AMC Entertainment Holdings Inc’s stock as “Hold”, while 3 – as “Sell”.