- NASDAQ:RDBX fell by 3.41% during Tuesday’s trading session.
- Retail traders might have already moved on from Redbox.
- Netflix sees a price downgrade but some hope from a Stifel analyst.
NASDAQ:RDBX started the shortened Juneteenth week on the back foot as the latest meme stock extended its declines from the previous week. On Tuesday, shares of RDBX dropped by a further 3.41% and closed the trading session at $11.60. After peaking at an all-time high price of $27.22, Redbox has seen essentially a straight decline back to its current price levels. The stock certainly has more room to fall with a 52-week low price of $1.61.
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Stocks kicked off the week in the green as all three major indices recovered on Tuesday from the worst overall performance since 2020. The Dow Jones added 641 basis points, while the S&P 500 and NASDAQ rose by 2.45% and 2.51% respectively during the session.
With nearly half the daily trading volume on Tuesday, Redbox might already have fallen out of favor with meme stock traders. The ticker is no longer trending on social media or on discussion boards like r/WallStreetBets, even though the stock’s short interest still sits at 103.5% according to Fintel. It could be that the retail traders have already squeezed what they could out of Redbox and are moving on to their next target.
Redbox stock price
Struggling streaming company Netflix (NASDAQ:NFLX) received some positive news from a Stifel analyst on Tuesday. Although Stifel dropped its 12-month price target for NFLX from $300 to $240, Scott Devitt stated that the risk-reward profile for the stock at its current price levels is more attractive. Devitt reiterated his Hold rating for the stock though, and wants to see further updates from the ad-support and password-sharing plans.
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