Will Redbox Stock Keep Going Up?

Redbox stock has been having an incredible rally despite the current market situation.

The stock is up more than 430% on the monthly chart.

Today RDBX finished up 15.68% but saw gains up to 30%.

Retail investors want to know, will Redbox keep going up?

Let’s discuss it.

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Redbox Stock outperforms the market

The stock market had one of the worst trading days in history today.

SPY stock was down almost 4% on Monday and the NASDAQ almost 5%.

Seeing the market today seemed unnatural – catastrophic almost.

But Redbox stock outperformed the market.

It closed today’s trading day with 55.3 million in trading volume from its average of 18.9 million.

Redbox has been exploding in the past month due to the massive surge of retail investors jumping in on this new ‘meme stock’.

It earns its ‘meme stock’ title due to Redditors discovering its incredibly high short interest, and short squeeze possibility.

Mainstream media is saying today’s rally was due to Redbox squeezing, but in order for us to track its short squeeze we’ll have to take a close look at the short interest data.

Will Redbox stock squeeze?

Redbox stock currently has a short interest of 225.59%.

This is massive.

But mainstream finance platforms say RDBX stock squeezed today.

We will have to keep an eye out on this short interest percentage to determine whether shorts indeed closed some positions.

You will know shorts began to buy back shares if the short interest drops significantly.

Otherwise, the price movement could have simply been from big buying pressure.

AMC Entertainment stock saw gains up to 3,000% last year when some shorts began to close their positions.

GameStop saw gains upwards to 1,500%.

Redbox stock has only seen some 430% gains so far and has a much higher short interest than what AMC and GameStop had.

Will RDBX stock squeeze?

Just like we saw with AMC and GameStop, heavy buying pressure all at once may trigger short sellers to close, initiating a short squeeze.

How high will Redbox stock go?

Redbox has a high probability of reaching all-time high share prices.

The stock was hard to knock down despite the stock market heavily getting splattered.

While majority of the stock market was pulled down, Redbox stock finished the day green.

It’s always difficult to determine how high a heavily shorted stock such as Redbox will go.

This is primarily due to how many factors affect its share price.

The incredible thing is that it’s also costing short sellers a lot to short this stock.

RDBX has a cost to borrow of 636.42.

There’s no reason why anyone in the market should be able to short the stock this much.

It’s as if institutions did not learn from shorting both AMC and GameStop.

The short interest data in this stock is so high, there’s no doubt shorts will be getting burned on this one again.

I published an article on RDBX stock almost two weeks ago before it began to rally even higher.

If you’d like me to keep you posted on this ticker symbol, leave me a comment below.

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Related: Redbox Short Interest Updated Daily Here

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