Redbox (NASDAQ:RDBX) stock is rocketing higher on Monday despite a lack of news from the company.
Let’s go over everything investors need to know about RDBX stock today.
- First off, note that the movie rental service is seeing incredibly heavy trading today.
- As of this writing, more than 62 million shares of the stock have changed hands.
- That’s well above its daily average trading volume of 5.4 million shares.
- This surge in trading resulted in RDBX stock experiencing two trading halts this morning.
- The initial trading halt started at 9:40 a.m. Eastern and lasted for five minutes.
- A second halt went into effect at 9:50 a.m. Eastern and lasted for another five minutes.
- So without any news from Redbox itself, what has shares of the stock on the move today?
- It looks like we can attribute this rise to traders targeting the company’s shares for a short squeeze.
- That’s resulted in plenty of social media chatter about the company on both Stocktwits and Twitter.
- We’ve recently seen RDBX stock undergo a similar short squeeze.
- This took place last week alongside news that the company’s CFO was stepping down.
- While an executive departure typically causes a drop in stock value, that wasn’t the case.
- Instead, traders used the news as an opportunity to pump up shares of the stock in an effort to force out bears.
- It looks like that might become an ongoing trend if today’s movement is anything to go by.
RDBX stock is up 40.8% as of Monday morning but is only up 18.5% 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.
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