Cineworld shares have fallen this morning after the cinema chain yesterday announced that it will be reopening all of its venues in the UK and Ireland on the 31st of July.
However, the company has said the date may need to be revised depending on the situation surrounding the COVID-19 pandemic.
Cineworld said that they will announce when tickets go on sale on social media.
But, is now a good time to buy $CINE shares?
The cinema operator and entertainment industry, in general, has been hit hard by the pandemic causing directors to waive salaries.
Cineworld has had to shut its venues around the world, and this has given them a monthly cash burn of around £92 million. It has meant that the cinema industry is on track for its worst-performing year since 1996, with revenue predicted to be down by £900million.
In the last six months, Cineworld has seen its share price plummet 72% from 219p per share to where it is now trading at 62p per share, down over 5% today. It had previously dropped as low as 18p.
Right now doesn’t seem to be the best time to buy Cineworld shares, but as public confidence increases and the coronavirus pandemic begins to fade entirely, I wouldn’t be surprised to see its share price move higher.
Just give it a few months first.