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2021-06-03

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AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金 1-0 Reddit Army</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":118946608,"tweetId":"118946608","gmtCreate":1622715766604,"gmtModify":1634098855076,"author":{"id":3583107295640646,"idStr":"3583107295640646","authorId":3583107295640646,"authorIdStr":"3583107295640646","name":"Stellaching","avatar":"https://static.tigerbbs.com/44d42c6d30a2e5188558d76b1f45f1c2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Haha</body></html>","htmlText":"<html><head></head><body>Haha</body></html>","text":"Haha","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/118946608","repostId":1178258633,"repostType":4,"repost":{"id":"1178258633","kind":"news","pubTimestamp":1622709110,"share":"https://www.laohu8.com/m/news/1178258633?lang=zh_CN&edition=full","pubTime":"2021-06-03 16:31","market":"us","language":"en","title":"AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金 1-0 Reddit Army</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178258633","media":"seekingalpha","summary":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dil","content":"Summary<blockquote>总结</blockquote> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\">Photo by Tom Cooper/Getty Images Entertainment via Getty Images<blockquote><ul><li>私募消息传出后，AMC 股价飙升 23%。</li><li>私募股权稀释了股东，AMC 的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将 Reddit 大军货币化。</li></ul>摄影：Tom Cooper/Getty Images Entertainment via Getty Images</blockquote> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.<blockquote>AMC院线 (AMC) 宣布向一家投资基金私募股票后，该公司股价周二又飙升 23%。通常情况下，增资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了 Reddit 大军的局面。</blockquote> Reason for AMC's price reaction<blockquote>AMC价格反应的原因</blockquote> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.<blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有很多债务要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金作为生存的生命线。</blockquote> AMC issued&nbsp;8,500,000 shares&nbsp;for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.<blockquote>AMC 以 230,500,000 美元的价格向一家名为 Mudrick Capital Management, LP 的投资公司发行了 8,500,000 股股票。这家投资公司专注于事件驱动的投资和不良债务。</blockquote> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".<blockquote>AMC表示，将把融资所得用于“追求影院资产和租赁的价值创造收购，以及投资以增强其影院的消费者吸引力”。</blockquote> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.<blockquote>非常需要新的资本。AMC 的收入在大流行期间大幅下降，这家连锁影院仍在遭受 COVID-19 关闭限制和社交距离法规的影响。</blockquote> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.<blockquote>尽管随着大流行似乎即将结束，AMC 的收入预计今年将反弹，但 COVID-19 可能已经永久性地改变了观影习惯。</blockquote> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have&nbsp;serious anxiety&nbsp;regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.<blockquote>AMC面临的一大挑战将是让观众重返电影院。在 COVID-19 和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。许多人似乎对封锁出口有严重的焦虑，所以有一个有效的问题是，一旦疫情结束，电影院是否真的能恢复正常。</blockquote> But back to AMC's announcement.<blockquote>但回到AMC的公告。</blockquote> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.<blockquote>AMC 股价周二飙升 23%，年初至今总回报率超过 1,500%。</blockquote> Looking at the technical situation of AMC… shares are now very, very much overbought...<blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote> <img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\">(Source: TradingView)<blockquote>（来源：TradingView）</blockquote> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…<blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股股票……</blockquote> <img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\">(Source: ShortSqueeze)<blockquote>（来源：ShortSqueeze）</blockquote> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.<blockquote>然而，考虑到该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着更多股票的发行，公司的每股收益将下降，因为收益将分配给更多的流通股。对融资的反应通常是股价下跌，而不是上涨。</blockquote> AMC now has a market capitalization of $14.4b compared to less than $1b in January...<blockquote>AMC 目前的市值为 14.4b 美元，而 1 月份的市值不到 10 亿美元……</blockquote> <img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> A hedge fund is turning the tables on the Reddit army…<blockquote>一家对冲基金正在扭转 Reddit 大军的局面……</blockquote> Mudrick Capital Management is said to have already&nbsp;exited its position&nbsp;in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!<blockquote>据称，Mudrick Capital Management 在周二迅速获得 20% 的股份后，已经退出了其在 AMC 的头寸。因此，Mudrick Capital Management 并不是一家将其不良债务和特殊情况专业知识带给 AMC 的长期投资者……整件事实际上只是一个快速翻转，因为这家投资公司将定价过高的股票出售给散户投资者，散户投资者继续疯狂买入，因为他们希望挤空。该公司自己厚颜无耻地称 AMC “被严重高估”。如果该公司的投资资本获得20%的回报，它昨天就获得了4600万美元的利润……对于一天的工作来说还不错!</blockquote> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...<blockquote>虽然 AMC 可能很乐意以这个估值完成股权融资，但该对冲基金出售其股份的速度比 AMC 提交未注册股权证券出售文件的速度还要快……</blockquote> Extreme volatility and risks...<blockquote>极端波动性和风险……</blockquote> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.<blockquote>周二，AMC 的估值变得比以前更加可笑。这家连锁影院几个月前还濒临破产，现在的市盈率为 3。</blockquote> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.<blockquote>Cinemark Holdings (CNK) 是一家影院竞争对手，本身可能被高估，其市盈率为 1.0。</blockquote> <img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.<blockquote>这里的风险是不可估量的，因为价格走势和估值对 AMC 来说都没有任何意义。</blockquote> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.<blockquote>AMC的价格昨天应该下跌，而不是因为增资会稀释……但对于 AMC 来说，一切都不再有意义了。</blockquote> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.<blockquote>AMC 的交易独立于其业务数据和增长前景，在这项“投资”中失去一切的风险极高。</blockquote> Closing thoughts<blockquote>结束语</blockquote> A hedge fund just had a big victory and nobody seems to notice or care.<blockquote>一家对冲基金刚刚取得了重大胜利，但似乎没有人注意到或关心。</blockquote> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.<blockquote>实际上，一家对冲基金以大幅高估的估值将其在 AMC 的股份转让给了 Reddit 大军，并明确称 AMC“估值过高”。再厚颜无耻不过了。请小心。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金 1-0 Reddit Army</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金 1-0 Reddit Army</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-06-03 16:31\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\">Photo by Tom Cooper/Getty Images Entertainment via Getty Images<blockquote><ul><li>私募消息传出后，AMC 股价飙升 23%。</li><li>私募股权稀释了股东，AMC 的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将 Reddit 大军货币化。</li></ul>摄影：Tom Cooper/Getty Images Entertainment via Getty Images</blockquote> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.<blockquote>AMC院线 (AMC) 宣布向一家投资基金私募股票后，该公司股价周二又飙升 23%。通常情况下，增资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了 Reddit 大军的局面。</blockquote> Reason for AMC's price reaction<blockquote>AMC价格反应的原因</blockquote> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.<blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有很多债务要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金作为生存的生命线。</blockquote> AMC issued&nbsp;8,500,000 shares&nbsp;for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.<blockquote>AMC 以 230,500,000 美元的价格向一家名为 Mudrick Capital Management, LP 的投资公司发行了 8,500,000 股股票。这家投资公司专注于事件驱动的投资和不良债务。</blockquote> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".<blockquote>AMC表示，将把融资所得用于“追求影院资产和租赁的价值创造收购，以及投资以增强其影院的消费者吸引力”。</blockquote> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.<blockquote>非常需要新的资本。AMC 的收入在大流行期间大幅下降，这家连锁影院仍在遭受 COVID-19 关闭限制和社交距离法规的影响。</blockquote> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.<blockquote>尽管随着大流行似乎即将结束，AMC 的收入预计今年将反弹，但 COVID-19 可能已经永久性地改变了观影习惯。</blockquote> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have&nbsp;serious anxiety&nbsp;regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.<blockquote>AMC面临的一大挑战将是让观众重返电影院。在 COVID-19 和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。许多人似乎对封锁出口有严重的焦虑，所以有一个有效的问题是，一旦疫情结束，电影院是否真的能恢复正常。</blockquote> But back to AMC's announcement.<blockquote>但回到AMC的公告。</blockquote> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.<blockquote>AMC 股价周二飙升 23%，年初至今总回报率超过 1,500%。</blockquote> Looking at the technical situation of AMC… shares are now very, very much overbought...<blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote> <img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\">(Source: TradingView)<blockquote>（来源：TradingView）</blockquote> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…<blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股股票……</blockquote> <img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\">(Source: ShortSqueeze)<blockquote>（来源：ShortSqueeze）</blockquote> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.<blockquote>然而，考虑到该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着更多股票的发行，公司的每股收益将下降，因为收益将分配给更多的流通股。对融资的反应通常是股价下跌，而不是上涨。</blockquote> AMC now has a market capitalization of $14.4b compared to less than $1b in January...<blockquote>AMC 目前的市值为 14.4b 美元，而 1 月份的市值不到 10 亿美元……</blockquote> <img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> A hedge fund is turning the tables on the Reddit army…<blockquote>一家对冲基金正在扭转 Reddit 大军的局面……</blockquote> Mudrick Capital Management is said to have already&nbsp;exited its position&nbsp;in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!<blockquote>据称，Mudrick Capital Management 在周二迅速获得 20% 的股份后，已经退出了其在 AMC 的头寸。因此，Mudrick Capital Management 并不是一家将其不良债务和特殊情况专业知识带给 AMC 的长期投资者……整件事实际上只是一个快速翻转，因为这家投资公司将定价过高的股票出售给散户投资者，散户投资者继续疯狂买入，因为他们希望挤空。该公司自己厚颜无耻地称 AMC “被严重高估”。如果该公司的投资资本获得20%的回报，它昨天就获得了4600万美元的利润……对于一天的工作来说还不错!</blockquote> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...<blockquote>虽然 AMC 可能很乐意以这个估值完成股权融资，但该对冲基金出售其股份的速度比 AMC 提交未注册股权证券出售文件的速度还要快……</blockquote> Extreme volatility and risks...<blockquote>极端波动性和风险……</blockquote> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.<blockquote>周二，AMC 的估值变得比以前更加可笑。这家连锁影院几个月前还濒临破产，现在的市盈率为 3。</blockquote> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.<blockquote>Cinemark Holdings (CNK) 是一家影院竞争对手，本身可能被高估，其市盈率为 1.0。</blockquote> <img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.<blockquote>这里的风险是不可估量的，因为价格走势和估值对 AMC 来说都没有任何意义。</blockquote> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.<blockquote>AMC的价格昨天应该下跌，而不是因为增资会稀释……但对于 AMC 来说，一切都不再有意义了。</blockquote> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.<blockquote>AMC 的交易独立于其业务数据和增长前景，在这项“投资”中失去一切的风险极高。</blockquote> Closing thoughts<blockquote>结束语</blockquote> A hedge fund just had a big victory and nobody seems to notice or care.<blockquote>一家对冲基金刚刚取得了重大胜利，但似乎没有人注意到或关心。</blockquote> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.<blockquote>实际上，一家对冲基金以大幅高估的估值将其在 AMC 的股份转让给了 Reddit 大军，并明确称 AMC“估值过高”。再厚颜无耻不过了。请小心。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178258633","content_text":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dilute shareholders and AMC's price should have gone down, not surged.\nIt looks as if this hedge fund just monetized the Reddit army.\n\nPhoto by Tom Cooper/Getty Images Entertainment via Getty Images\nShares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.\nReason for AMC's price reaction\nMovie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.\nAMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.\nAMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".\nFresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.\nAlthough AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.\nOne big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.\nBut back to AMC's announcement.\nShares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.\nLooking at the technical situation of AMC… shares are now very, very much overbought...\n(Source: TradingView)\nAMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…\n(Source: ShortSqueeze)\nHowever, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.\nAMC now has a market capitalization of $14.4b compared to less than $1b in January...\nData by YCharts\nA hedge fund is turning the tables on the Reddit army…\nMudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!\nWhile AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...\nExtreme volatility and risks...\nAMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.\nCinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.\nData by YCharts\nThe risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.\nAMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.\nAMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.\nClosing thoughts\nA hedge fund just had a big victory and nobody seems to notice or care.\nYou literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1670,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/118946608"}