Billionaire Buys AMC Stock Near 52-Week Lows As Avatar Brings Box Office Back To Life

Moviegoers are showing up again. Investors, not so much. Shares of AMC Entertainment Holdings Inc (NYSE:AMC) are down more than 50% year to date, trading around $1.75 — just off 52-week lows — even as the company posts its strongest pre-Christmas weekend since 2021. Attendance surged on the back of “Avatar: Fire and Ash,” with more than four million customers visiting AMC and ODEON locations globally.

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The disconnect hasn't gone unnoticed.

Read Also: AMC Entertainment Stock Hits A New All-Time Low

A Billionaire Steps In

Recent filings show billionaire hedge fund manager Robert Citrone, founder of Discovery Capital Management, initiated a new AMC position, buying roughly 32.75 million shares at an average price near $2.16. The stake represents nearly 4% of his reported portfolio — a notable commitment for a stock most of Wall Street has written off.

This doesn't look like a meme trade. It looks more like a distressed, asymmetric bet.

AMC Box Office Momentum — With A Catch

Avatar's opening delivered $88 million domestically and $345 million globally, with premium formats such as IMAX and Dolby Cinema driving a disproportionate share of AMC's admissions revenue.

That matters because premium screens remain one of the few levers AMC has to improve margins without expanding its footprint. But strong weekends don't erase structural issues.

AMC Stock Dilution Still Looms

AMC recently amended its exchangeable note agreement, paving the way for up to $150 million in future at-the-market stock offerings beginning in February 2026. A $6.25 million consent fee paid in AMC shares adds another layer of dilution risk — a familiar concern for long-suffering shareholders.

What's The Bet?

Citrone's move suggests the market may be pricing in too much pessimism. AMC still operates roughly 860 theaters with 9,600 screens worldwide. If box office trends stabilize and dilution pauses, the stock may not need a full turnaround to bounce — just fewer negatives.

For now, Avatar has brought audiences back. The question is whether that's enough to bring investors with them.

Read Next:

• ‘Avatar: Fire And Ash’ Could Ignite Box Office — Disney, AMC, IMAX Stocks Ready To Pop?

Photo: Courtesy Walt Disney Co.