Redbox (NASDAQ:RDBX) stock is flying higher on Thursday despite a lack of news from the movie rental company.
While there’s no direct news behind the increase in RDBX stock, heavy trading explains why the stock is on the move today. As of this writing, more than 21 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 15.4 million shares.
It’s also worth pointing out that RDBX stock is seeing plenty of love from traders on social media today. That comes as experts believe the stock is poised for a short squeeze. If that’s what’s happening, it would help explain the rising price today.
To go along with all of this, Redbox is preparing for an acquisition deal with Chicken Soup for the Soul Entertainment (NASDAQ:CSSE). The media company wants to acquire RDBX as a way to expand the reach of its original content.
This acquisition news has RDBX stock seeing volatility over the last month. This has resulted in the stock rally, falling and rallying again. That makes it an easy target for retail traders to manipulate.
RDBX stock is up 32.1% as of Thursday afternoon but is still down around 1% since the start of the year.
Investors seeking out more of the hottest stock market news will want to keep reading!
InvestorPlace has all the latest stock market coverage that traders need to know about for Thursday! Among that is insider buying at SoFi (NASDAQ:SOFI), a price target for Rivian (NASDAQ:RIVN), as well as an exploit in Microsoft’s (NASDAQ:MSFT) Office software. You can read up on all of this news at the following links!
More Stock Market News for Thursday
- CEO Anthony Noto Just Bought More SOFI Stock
- D.A. Davidson Thinks Rivian (RIVN) Stock Can Fall to $24
- CertiK Says Hackers Are Exploiting a Microsoft Office Bug to Steal Your Assets
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.