Redbox (RDBX) Stock Rockets 90% Higher in Major Squeeze

InvestorPlace2022-07-26

Redbox (RDBX) stock is doubling on speculation about a continued short squeeze of its shares. Redbox agreed to be acquired by Chicken Soup for the Soul Entertainment (CSSE) in May. RDBX stock has been...

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The rally in RDBX stock is likely being driven by many investors’ belief that a short squeeze of the name will continue. That speculation was sparked by Chicken Soup for the Soul Entertainment’s (NASDAQ:CSSE) acquisition of Redbox.\nThe deal was announced on May 11, and RDBX stock has been very volatile since. The stock changed hands for more than $15 on June 13 before tumbling to around $3 last week. At the beginning of the year, the shares were worth about $7.50.\n\n\n\n\n\n\nWhat’s Happening With RDBX Stock\nChicken Soup said it would provide Redbox shareholders with 0.087 of a share of class A CSSE common stock for every share of RDBX stock they own. So far today, Chicken Soup has climbed by more than 6% to about $9.66 per share.\nChicken Soup is a conglomerate that owns several companies, including streaming service Crackle. It describes the subsidiary and its other, similar services as “advertising-supported video-on-demand (AVOD) networks.” Meanwhile, Redbox owns and operates kiosks from which consumers can rent movies. Additionally, the company has a number of digital streaming channels.\n“The combination of Chicken Soup for the Soul Entertainment and Redbox will create a leading independent, integrated direct-to-consumer media platform delivering premium entertainment for value conscious consumers,” Chicken Soup stated in May.\nIt added that, in the wake of the deal, the combined company will own one of the top AVOD systems in the sector. It quoted a study that estimated “ad spending on connected TV platforms increased 57% from 2020 to 2021 and is expected to increase another 39% this year.”\n‘A Goofy Meme Stock’\nOpinions on Redbox vary, but one notable example is that of Seeking Alpha contributor Chris DeMuth Jr. In a June 29 column, he warned that “in the days and weeks ahead, [Redbox’s] stock price could do absolutely anything.” DeMuth labeled the name “a goofy meme stock” and stated he expects the transaction to close by September.\nOn the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\n\nLarry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2022/07/redbox-rdbx-stock-rockets-90-higher-in-major-squeeze/.\n©2022 InvestorPlace Media, LLC\n\n\n\nSponsored Headlines\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\tMore from InvestorPlace\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Insight, Financial Articles\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\t8 Reasons This Is the Start of a New Tech Bull Market\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Luke Lango\n\n\t\t\t\t\t\t\t\tJul 22, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tStocks to Buy\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\t7 Cheap Stocks That Are Trading at a Discount\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Louis Navellier and the InvestorPlace Research Staff\n\n\t\t\t\t\t\t\t\tJul 22, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tToday's Market\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tGME Stock Starts Trading at $38 Following GameStop Stock Split\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Joel Baglole\n\n\t\t\t\t\t\t\t\tJul 22, 2022","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2254593308"}