AMC Entertainment Holdings (NYSE: AMC) has seen a drastic decline in its stock price, which was down 20% year-to-date after already dropping 76%, 82%, and 35% in the preceding years. The company, with around 900 theaters and 10,000 screens, has not recovered from the downturn caused by COVID-19, with trailing sales 17% below fiscal year 2019 levels.
AMC’s stock, which peaked at $339 per share in 2021 with a market cap of $38.6 billion, remains heavily shorted and has lost over 99% of its value from that high. Currently, there are about 433 million shares on the market, compared to 23.5 million at the end of 2019, leading to dilution of existing shares.
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