Why Redbox Entertainment Is Plunging Today
Reality is finally catching up with Redbox Entertainment (NASDAQ: RDBX), as its shares are crashing 35% lower in midday trading on Tuesday. After two straight days of huge gains that saw the movie rental kiosk operator rise 61%, its stock is now trading less than 2% above where it had been before the rally started.
Redbox began riding a wave higher following the latest short interest report that showed short-sellers had tripled their bets against the stock. It was quickly adopted by meme-stock traders as one to rally around and try to beat back the short attack.
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Source Fool.com
