AMC Entertainment Stock Is Moving Higher Monday: What's Going On?

AMC Entertainment Holdings Inc AMC shares are rising Monday. The stock appears to be getting a lift after the company said it had its busiest weekend of 2023.

What Happened: More than 3.6 million people attended movies at AMC theaters over the weekend, marking the company's busiest weekend this year and third busiest weekend since late 2019.

AMC said Saturday represented the company's highest revenue day in the U.S. since it began reopening theaters in 2020. The company also saw its highest revenue totals ever during an Easter weekend. 

The strong foot traffic was driven by several movie titles including "The Super Mario Bros. Movie," " Air," "Dungeons & Dragons: Honor Among Thieves" and "John Wick: Chapter 4."

"The success of THE SUPER MARIO BROS. MOVIE is yet another shining example of the desire by U.S. moviegoers to come to the movie theatre to be entertained," said Adam Aron, chairman and CEO of AMC. 

AMC is set to report first-quarter financial results before the market open on May 5. The company is expected to report a quarterly loss of 17 cents per share on revenue of $964.78 million, according to estimates from Benzinga Pro.

In the same quarter last year, AMC beat analyst expectations when it reported a loss of 52 cents per share on quarterly revenue of $785.7 million.

See Also: 'Super Mario Bros. Movie' Powers Up Box Office With $26M Debut And 2 'Extra Life' Post-Credit Surprises

AMC Price Action: AMC has a 52-week range of $3.77-$27.49.

AMC shares were up 8.67% at $5.32 at the time of writing, according to Benzinga Pro.

Photo: samantha celera from Flickr.