AMC Entertainment (NYSE:AMC) stock is down on Friday after the movie theater company announced another debt payment.
That news was announced by CEO Adam Aron on Twitter late yesterday. According to the CEO, the company paid down another $85 million in debt, which brings its 2022 and 2023 debut repayment to $365 million.
Aron points out this latest action further strengthens AMC Entertainment’s balance sheet. He also notes the company still has more progress to make on this front, but that “Slow and steady wins the race.”
Recent AMC Stock Movement
Investors will note AMC stock has been in a bit of a slump these last few days. The company’s shares aren’t alone in this, as several other meme stocks have also been trending downward. It’s worth noting this comes after meme stocks jumped earlier this week alongside a rally of Bed Bath & Beyond (NASDAQ:BBBY) shares.
Meme stocks can be quite volatile as they attract a certain type of trader. Investors will want to keep that in mind if they’re considering making an investment in AMC shares or other meme stocks.
AMC stock is down 2.8% as of Friday morning but is still up 36.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.