Why Redbox Entertainment Is Surging Higher Today
Shares of movie rental kiosk company Redbox Entertainment (NASDAQ: RDBX) were bucking the sell-off occurring in the broader market by surging 34% at 11:25 a.m. ET on Friday.
Where the Dow Jones Industrial Average was down 741 points, or 2.3%, and the S&P 500 was off over 108 points, or 2.7%, Redbox was rallying $3.22 per share higher from yesterday's close to $12.69 per share.
Redbox has become the latest meme stock celebrity after the short interest in its shares rocketed to 210% of its float. That has been the hallmark of many of the market's meme stock favorites -- extraordinarily high short interest, which leads small retail investors to pile into the stocks in hopes of generating a short squeeze.
Source Fool.com
