Movie theatre operator AMC Entertainment Holdings Inc (NYSE: AMC) has been in the dumps for quite some time due to the closure of theatres owing to the coronavirus pandemic. However, last month, the company got a massive boost after the governor of New York announced that movie theatres could start operating again.
It came as a major boost to the AMC stock and the stock jumped soon after the announcement. While the stock jumped after the announcement, investors must be wondering if the reopening of IMAX theatres can push the AMC stock past $10 a share.
The Chief Executive Officer of AMC, Adam Aron sounded bullish in his reaction to the announcement from the New York Governor Andrew Cuomo. He said that the announcement is an ‘important step’ for revitalizing the health of the movie theatre space and also that of AMC. In addition to that, this past Friday, the company reopened 13 theatres albeit with a capacity of only 25%. It remains to be seen how the stock behaves in the coming week.