Short interest has pulled back to 86 million shares, returning AMC’s Active Long-to-Short ratio to battleground territory — where active institutional longs and shorts are approaching equal.
Passive long interest has climbed 37% year-over-year to 139 million shares, absorbing some of the issuance that's expanded AMC's tradable float to over 500 million shares. Index-driven buying is the structural floor for AMC longs — not active conviction.
Active institutional longs tell the opposite story. Active LI is down 16% over the last year to just 58 million shares, as discretionary holders continue to exit while passive vehicles steadily accumulate.
Covering puts AMC back in battleground territory, while passive longs absorb active exits.
AMC short interest has pulled back to 86 million shares, returning the Active Long-to-Short ratio to battleground territory as shares rallied 90% off the March 27 low to finish 13% higher YTD. The covering trend has aligned with a genuine box office recovery: The Super Mario Galaxy Movie opened April 1 to $190 million domestically in its first five days and has now crossed $747 million globally through its third weekend, helping push 2026 YTD domestic box office more than 23% ahead of the same period in 2025.
The long interest picture beneath that covering move is more instructive. Passive holders — primarily Russell index funds and broad total-market ETFs required to hold AMC as a constituent — have grown to 139 million shares, up 37% year-over-year, partially offsetting a float that has expanded materially over the past year to just over 500 million shares through ongoing debt-to-equity exchanges and the $150M ATM program launched in February 2026. Passive accumulation has offset some of an otherwise sharply dilutive headwind.
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