Jim Cramer still believes in AMC Entertainment Holdings Inc.’s stock because of AMC Entertainment CEO Adam Aron, he said Monday on CNBC’s “Squawk On The Street.”
Cramer told CNBC that Aron texted him Monday morning with “really encouraging” box office numbers that show the company is “finally on the rebound back to where they were in February 2020.”
Domestic box office numbers grossed more than $300 million, he said. The entire month of October has been a very strong month with extraordinary box office numbers, the CNBC host said.
“I know this is a meme stock, but the fact is that I continue to believe in Adam Aron,” Cramer said.
Many shorts say the stock is way overvalued and that it can’t be worth what it’s trading at, but if the stock price is inaccurate, Cramer asked: why doesn’t the stock drop significantly when investors liquidate?
“The answer is that I think Adam Aron is pulling off a miracle.”
AMC Price Action
AMC Entertainment has traded as high as $72.62 and as low as $1.91 over a 52-week period.The stock was up 5.33 percent at $42.89 midday Monday.
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