Redbox (NASDAQ:RDBX) stock is rising higher on Monday despite the market falling as volatility continues to be a problem alongside inflation.
So what’s keeping shares of RDBX stock from dropping alongside other shares today? It looks like interest from retail traders is what has the company’s shares from falling. Redbox has recently joined the ranks of meme stocks and that means it’s subject to volatility.
Adding into that is short interest in RDBX stock. Many day traders are looking to it as a potential short-squeeze target. This has interest in the stock rising and falling as investors come together in attempts to pump it higher.
To go along with all of this, Redbox also recently announced a planned merger with Chicken Soup for the Soul Entertainment (NASDAQ:CSSE). This would see it being acquired by the entertainment company.
With all of these factors in play, it’s not overly surprising that RDBX stock is rising today. That comes as heavy trading pushes shares higher. As of this writing, more than 34 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 19 million shares.
RDBX stock is up 39% as of Monday afternoon. Shares of the stock are also up 133.8% since the start of the year.
Investors seeking out more stock market news are in luck!
InvestorPlace is home to all the latest stock news traders need to know about for Monday! A few examples include inflation hitting tech stocks, what has Astra Space (NASDAQ:ASTR) stock crashing, as well as why Electric Last Mile Solutions (NASDAQ:ELMS) is falling hard today. You can read up on all of these matters at the links below!
More Monday Stock Market News
- Tech Stocks AAPL, TSLA, META, GOOGL Plunge on Inflation, Fed Fears
- Why Is Astra Space (ASTR) Stock Down 24% Today?
- ELMS Stock Plunges 60% as Electric Last Mile Announces Liquidation
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.
