AMC Entertainment Holdings climbed sharply on Friday, with AMC stock finishing at $1.73, up 9.49%, after the company said more than 5 million people went to AMC and ODEON Cinemas over the U.S. Memorial Day weekend.

The shares traded as high as $1.79 in active trading and 42.3 million shares changed hands, a burst of volume that showed investors were leaning into the weekend attendance update rather than waiting for the next earnings report. AMC ended May 29 about 15% above the $1.51 level it held the Friday before.

The move matters because it ties the stock directly to theater traffic at a moment when the summer slate is about to hit screens. Adam Aron said the holiday period showed “the power of the big screen experience,” and AMC said the stretch from Thursday through Monday was its best U.S. attendance period in 2026. That followed a first quarter in which AMC reported $1.045 billion in revenue, a $117.1 million net loss and adjusted EBITDA of $38.3 million on May 5, so traders are now treating attendance as the faster signal of whether the business is improving.

There is still a hard limit to the story. AMC’s latest quarterly filing said its current cash burn cannot last forever, and the company said it needs revenues back to at least pre-COVID-19 levels before it can support steady positive operating cash flow. Friday’s rally came on stronger foot traffic, not on a new balance-sheet fix, which leaves the shares dependent on whether moviegoers keep showing up after the holiday weekend.

That question will be tested quickly. Fandango lists “Masters of the Universe” and “Scary Movie” for June 5, “Toy Story 5” for June 19 and “Supergirl” for June 26, giving AMC a run of releases that could extend the weekend momentum or expose how fragile it still is. Investors who bought the stock on Friday were not just betting on one holiday; they were betting that the crowd Aron saw on Memorial Day is the start of a more durable box-office run.