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Redbox (RDBX) Stock Gains 13% on Continued Short Squeeze Hopes

  • Redbox Entertainment (RDBX) stock is on the rise as traders look for a short squeeze.
  • This comes alongside heavy trading of the company's shares today.
  • RDBX has been volatile since announcing its acquisition deal with Chicken Soup for the Soul Entertainment (CSSE).
RDBX Stock - Redbox (RDBX) Stock Gains 13% on Continued Short Squeeze Hopes

Source: ZikG / Shutterstock.com

Redbox Entertainment (NASDAQ:RDBX) is in the news Thursday as the entertainment rental company’s stock performs well despite a weak market.

So what has shares of RDBX stock on the move today? The company has been listed as a top short-squeeze target this week and that’s likely attracted retail traders. That makes sense as Redbox has recently joined the ranks of other meme stocks.

The interest in Redbox stock has been increasing ever since Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) swooped in with an offer to acquire the company. It’s worth noting that CSSE was also listed among the top short-squeeze targets for this week.

To jump in price for Redbox today comes after it spent the rest of the week falling. It’s likely that day traders have been watching shares of RDBX stock for the right time to pump shares higher. It looks like that’s what’s happening today.

Adding credence to that idea is heavy trading of RDBX stock today. As of this writing, more than 22 million shares of the company’s stock have changed hands. That’s above the company’s daily average trading volume of about 21.7 million shares.

RDBX stock is up 12.7% as of Thursday afternoon and is up 2.7% since the start of the year.

Investors searching for all of the latest stock market news will want to keep reading!

InvestorPlace offers up all of the most recent stock market news with our daily coverage of the space! For Thursday, that includes why Revelation Biosciences (NASDAQ:REVB) stock is rocketing higher, what’s hitting shares of Canopy Growth (NASDAQ:CGC) stock, as well as a price target cut dropping shares of Airbnb (NASDAQ:ABNB) stock. You can learn more about these matters at the following links!

More Stock Market News for Thursday

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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/06/redbox-rdbx-stock-gains-13-on-continued-short-squeeze-hopes/.

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