Shares of AMC Entertainment Holdings Inc. ended Wednesday’s session down 8.7% at $5.58, registering another record-low close.
The stock’s previous record closing low was $6.07, which was set on Dec. 21, 2023, according to Dow Jones Market Data, citing available data back to Dec. 18, 2013. The decline in AMC’s
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share price is a far cry from its meme-stock heyday, when it hit an all-time closing high of $339.05 on June 2, 2021.
Three years ago, the movie-theater chain went from a beleaguered pandemic victim to meme-stock phenomenon. Boosted by the WallStreetBets crowd on Reddit, AMC used a steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021.
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Since then, AMC has taken aim at its debt burden, which was more than $5 billion in 2022. That year, AMC launched its APE special dividend and in 2023 completed the conversion of the APEs into AMC common stock and a reverse 1-for-10 split of common stock.
In December, AMC also completed its latest at-the-market equity offering, raising approximately $350 million.
But while AMC still grabs plenty of attention, the company no longer fits the bill of a meme stock, according to Alicia Reese, vice president of equity research at Wedbush. “AMC has seemingly lost its meme status, its share price having come crashing back down to earth over the past several months, particularly since its APE fold-in and reverse stock split,” she told MarketWatch last month.
Related: AMC CEO slams ‘prophets of doom,’ says company is ‘blazing new trails’ as it enters 2024
AMC has ridden the popularity of concert movies from big-name stars such as Beyoncé and Taylor Swift in recent months, with “Taylor Swift: The Eras Tour,” breaking records after its opening on Oct. 12. During a conference call to discuss AMC’s third-quarter results in November, CEO Adam Aron said the success of those movies could pave the way for other concert films at AMC.
In a post on X, formerly known as Twitter, on New Year’s Eve, Aron slammed the “prophets of doom” who expected to see the company’s demise in 2023. “AMC is still here, still innovating, still blazing new trails,” he wrote.
Related: AMC’s strong third-quarter results lift movie-theater stocks
AMC’s stock has fallen 84.5% in the last 12 months, compared with the S&P 500 index’s SPX gain of 22.1%.