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AMC (NYSE: AMC) seems less like a short strain than an unstoppable force on a day-to-day basis. The company, in the midst of a primary business turn, records revenue, impresses with its profits and prepares new inventions for implementation. institutional investors, which no distributor saw coming at the beginning of the year. Today, AMC’s inventory has gone up and investors are soaring.

Last month was quite a journey for the movie theater chain, on the one hand, it had its first grand opening since the start of the coronavirus pandemic last year at Marvel Studios’ Black Widow, the cinema attracted millions of consumers to its seats and The movie generated a gross profit of $80 million in its first weekend. Had it not gone straight to the broadcast, the profit could have been more than $140 million.

More recently, the company has sparked arguments. It far exceeded profit estimates, with currencies of more than $444 million at the time of the quarter. Not to mention that this has reduced outflows by nearly $70 million since the first quarter. Even more exciting for AMC Ape Army is the company’s announcement. that it plans to settle for Bitcoin (CCC: BTC-USD) as a payment method for its cinemas; Chief Executive Adam Aron has not yet provided many details, however, the company said it plans to put this payment option into effect before the end of 2021.

Renaissance Technologies, one of the largest coverage budgets in the U. S. U. S. , It is betting on the success of AMC, much to the chagrin of institutional short sellers. Jim Simons’ investment giant had more than 500,000 shares in AMC in March, as did short-term stocks. The saga was beginning. Today, however, things have changed dramatically. Documents filed with the Securities and Exchange Commission (SEC) show that Simons’ organization holds a higher position in AMC at more than 1. 8 million shares.

To do this, RenTech had to remove some fats from its wallet. Perhaps even more unexpected than the massive build-up of his stake in AMC stock is where he lost some of the weight; the hedge fund has reduced its assets in Tesla (NASDAQ: TSLA) by 75%.

Overall, the news is helping GAC strengthen once again. Inventory ended the day with a profit of about 7%, trading well below its average trading volume of over 174 million.

At the time of publication, Brenden Rearick had (directly or indirectly) no position on the values discussed in this article. The perspectives expressed in this article are those of the author, the subject of investorplace’s publication Guidelines. com.

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