AMC shares close higher on Thursday, company to reopen 14 movie theatres in Washington state on October 16th

AMC Entertainment Holdings Inc (AMC) said on Thursday that 14 movie theatres in the state of Washington would reopen on October 16th.

This round of reopenings coupled with recently announced reopenings in California, Michigan and North Carolina, would bring the total number of AMC locations returning to business during the first three weeks of October to over 50.

Consequently, AMC expects to have at least 520 of its nearly 600 theatres open by mid-October.

Shares of AMC Entertainment Holdings closed higher for the third time in the past ten trading sessions in New York on Thursday. The stock went up 2.48% ($0.10) to $4.14, after touching an intraday high at $4.18, or a price level not seen since October 6th ($4.27).

Shares of AMC Entertainment Holdings Inc have retreated 42.82% so far this year, following another 41.04% drop in 2019.

“We are excited to welcome back our guests in the state of Washington. With this reopening in the Pacific Northwest, we are equally encouraged that we will now have an AMC theatre open in 43 of the 45 states that AMC serves. An overwhelming majority of state and local governments recognize the strong steps we have taken through AMC Safe & Clean to ensure that we are reopening responsibly and with a focus on the health and safety of our guests and associates. The feedback we’ve received from our guests indicate that our AMC Safe & Clean policies and protocols are working exactly as intended,” AMC Chief Executive Adam Aron said in a statement.

“We’re seeing record-high guest scores for the cleanliness of our theatres, far exceeding the marks we’ve received in the decades we’ve been tracking guest feedback. AMC Safe & Clean is the cornerstone of our efforts to woo back moviegoers to cinemas,” 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 $4.50, with a high estimate of $7.00 and a low estimate of $1.00. The median estimate represents an 8.70% upside compared to the closing price of $4.14 on October 8th.

The same media also reported that at least 6 out of 9 surveyed investment analysts had rated AMC Entertainment Holdings Inc’s stock as “Hold”, while 3 – as “Sell”.