RDBX - Redbox rips over 40% higher as volume spikes again

Redbox Entertainment (RDBX +41.4%) roared higher on Monday as volume spiked for the second time in a matter of days. Over 33 million shares changed hands on Monday, well ahead of average volume of about 2.4 million. Shares surged over 40% in afternoon trading, building upon an over 30% gain marked on Thursday, as the heavily-shorted name attracts attention as a potential “meme stock.” As noted during last week’s run to the upside, 1.13 million shares are held short in a float of just 2.77 million shares per Morningstar data. The small market cap of the company standing at just about $180 million also appears to increase the attractiveness of the stock for meme-driven investors. Despite the dramatic rise in the past week, the stock remains 70% below its peak price reached shortly after coming public via a special-purpose acquisition company in October 2021. Read more on recent “meme stock” action

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Redbox rips over 40% higher as volume spikes again