RDBX - Heavily shorted name Redbox gains 29% on heavy volume

Micro-cap movie-rental name Redbox Entertainment (NASDAQ:RDBX) is rallying today, up 29%, amid volume that has crested 33 times its recent average. About 45.6 million shares have changed hands, vs. a daily average of 1.37 million shares. The stock has tumbled since coming public via special-purpose acquisition company (a merger with Seaport Global Acquisition) in late October. After hitting a high of $27.22 on Oct. 26, it closed yesterday at $2.54, a drop of more than 90% in value. But today's moves has the makings of some kind of short squeeze. As of March 31, Morningstar noted 1.13 million shares held short, in a float of just 2.77 million shares (most of the outstanding shares are restricted stock).

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Heavily shorted name Redbox gains 29% on heavy volume