RDBX Stock Forecast: Redbox Entertainment sinks further as trading volume continues to drop
- NASDAQ:RDBX fell by 2.48% during Thursday’s trading session.
- Netflix continues its struggles by cutting a further 300 employees.
- AMC stock has a new short seller that is taunting its Apes.
NASDAQ:RDBX saw its slide continue as daily trading volume continued to dry up on the once red-hot meme stock. On Thursday, shares of RDBX dropped by a further 2.48% and closed the trading session at $9.85. Daily trading volume hit 7 million shares, which is less than a third of the recent average volume of over 21 million shares per day.
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US markets bounced back from a sleepy day on Wednesday as all three major averages jumped higher into the closing bell. The Dow Jones added 194 basis points, while the S&P 500 and NASDAQ gained 0.95% and 1.62% respectively during the session.
The challenging year continued for streaming giant Netflix (NASDAQ:NFLX) as the company announced cutting a further 300 employees. Netflix is trying to reduce its cost structure and is making major changes to battle slowing revenue and growth. Part of this plan includes the potential for adding advertising to the platform, something that it has recently been tied to Alphabet (NASDAQ:GOOGL) for. Shareholders seemed to be in favor of the moves as the stock closed the session higher by 1.58%.
Redbox stock price
Fellow meme stock AMC (NYSE:AMC) and its Apes have made a new enemy in the ongoing short squeeze saga. A hedge fund called AQR Capital Management publicly announced a new short position against AMC’s stock and also taunted retail traders. Cliff Asness of the hedge fund stated that he ‘dares all the meme stock maniacs to try to hurt us’. It’s a fairly small position of only 12 basis points, so Asness said he is not worried about the trade going against them. Shares of AMC closed lower by 4.37% during Thursday’s session.
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