In a #SendAKindWordToJimCramerToday post, CEO Adam Aron of theatre chain AMC Entertainment (AMC), tweeted out kind words about Jim Cramer. “I just had a very positive interview with none other than @jimcramer on CNBC,” Aron quoted.
Cramer, who is the host of Mad Money on CNBC and the head of the CNBC Investing Club, is known for giving stock recommendations and sharing his views on companies.
Lately, however, the investment guru has drawn a lot of flak for his wrong calls and for presumably pumping stocks. People have started taking the opposite stance from his calls and shorting the stocks that he recommends since most of his views are wrong.
As customary, Aron was on CNBC to discuss the results of the theatre chain, during which Cramer stated that “the Apes hate me.” Apes are retail investors who are highly bullish on trending stocks that are heavily shorted, and AMC has been one of the favorite meme stocks since 2021. Aron even went on to tweet that Cramer has always been fair to AMC and himself and that the Apes too must “kiss and make up.”
Well, Aron’s request did not go well with the “Apes.” A majority did not agree with Aron’s idea of giving Cramer a second chance, while a few even noted that Cramer has constantly bashed AMC and has never been on their side.
Meanwhile, AMC surprised investors with a special dividend announcement on August 5 after posting mixed second-quarter results, which beat earnings but missed revenue expectations. AMC said it will give out one AMC Preferred Equity unit for each Class A common stock held. The AMC preferred units will trade on the NYSE under the ticker symbol “APE.” Shares jumped nearly 19% on the news.
What was AMC’s Highest Stock Price?
AMC stock hit an all-time high of $62.55 in June 2021 at the peak of the meme stock frenzy, which is a whopping 182% higher than the current price. Meanwhile, the stock has lost 16.4% so far this year.
On TipRanks, AMC has a Moderate Sell consensus rating based on two Buys versus three Holds. The average AMC Entertainment price target of $5.67 implies a whopping 74.4% downside potential to current levels.
