Not many chief executives take time in a quarterly earnings call to tout a 90-minute interview they did with a YouTube channel for day traders. But most CEOs aren’t Adam Aron, theThe world’s largest movie theater became a favorite stock of social media-savvy retail investors earlier this year when it looked like the Leawood, Kan.-based exhibitor might again be on its last legs.
Investors, many of whom were inspired by Reddit forum WallStreetBets, piled into the stock on a mission to squeeze short sellers and “.” The shares jumped from around $2 to a peak of more than $20. AMC’s stock rose 6% to $9.51 on Thursday. AMC, which was facing a cash crunch after nearly a year of theater closures due to the COVID-19 pandemic, sold tens of millions of shares amid the rally to improve its balance sheet.Aron, speaking during the company’s first-quarter earnings call, heaped praise on the company’s new retail investors, who number roughly 3.2 million as of March 11, mostly in North America and Europe., just go on YouTube, read what these people write,” Aron told analysts. “They love AMC.
The optimism of AMC’s new investors flies in the face of skeptics who worry about AMC’s heavy debt load and uncertainty about the return of moviegoers after the pandemic. It remains to be seen whether upcoming movies including “In the Heights,” “Black Widow” and “F9" will bring patrons back to theaters in droves. Meanwhile, the Hollywood studios are channeling much of their energies into streaming services.
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