AMC (AMC) will report its third-quarter results after the bell on Monday. Shares of the theater chain are up a staggering 1860% this year, as retail traders have piled on the stock.
These are the consensus estimates for AMC's third-quarter expected by Wall Street analysts, as compiled by Bloomberg.
Adjusted EPS: -.53, up 90% y/y
Revenue: $708.3 million, a 500% year-over-year increase
Investors will be paying attention to any commentary on whether the Delta virus variant impacted ticket sales for July, August, and September. They will be also be looking at attendance numbers amid the release of big titles on the silver screen during the third quarter.
AMC recently announced that domestic and international ticket sales in October were stronger than in any month since the start of the pandemic in 2020.
On Monday, AMC announced it will team with Disney "to bring four fan favorite movies back to the big screen" from November 12-14 at more than 200 theater locations in the US.
AMC has struggled to return to profitability despite big increases compared to last year's dismal results when theater chains were forced to close during the pandemic.
In August, CEO Adam Aron said AMC's theater level cash flows will turn positive in the fourth quarter of this year, assuming domestic sales can hit $5 billion for 2021.
The theater chain has been a "meme stock" favorite this year. Retail traders have backed the stock in droves, crushing short-sellers, and sending share prices higher. The stock's upward movement has allowed the company to raise cash by selling equity. At the end of the second quarter, the company had around $1.8 billion in cash.
Aron has leaned into the enthusiasm of the "Ape investors," and uses Twitter (TWTR) to communicate with the retail crowd following AMC.
Over the weekend, Aron urged investors on Twitter to tune into the company's conference call after results are released on Monday. More than 10,000 people listened to each of the last two earnings call, according to Aron.
The theater chain is also taking steps to adopt cryptocurrencies. In the company's last earnings call, Aron announced AMC would begin accepting Bitcoin (BTC-USD) as payment by the end of 2021.
He recently polled his Twitter followers asking if the company should also start accepting Shiba Inu (SHIB-USD), the latest meme token.
The stock's performance is disconnected from Wall Street analysts' predictions.
AMC (AMC) has 0 Buys, 3 Hold, 6 Sell recommendations, with an average price target of $5.44. The stock is currently trading at around $41 a share.
Earlier this month, Wedbush Securities analyst Michael Pachter downgraded the stock to Underperform, from Neutral.
The "ultimate majority of retail ownership will eventually cash out and move on," Pachter wrote in a note to investors. The analyst kept his price target at $7.50.
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