- NASDAQ:RDBX fell by 1.02% during Friday’s trading session.
- Redbox saw its lowest trading volume of the week on Friday.
- Bank of America has some critical words for Netflix.
NASDAQ:RDBX fell for the fourth consecutive day to close the week on Friday, as the meme stock continues to see a rapid fall from grace. Shares of RDBX sank by a further 1.02% during intraday trading, and another 4.10% in extended trading after the closing bell. It was a stark contrast to the broader markets as all three major averages snapped their recent three-week losing streak. A University of Michigan report released Friday morning suggested that inflation is on the decline and would hit a more manageable level of 5.3% in the next twelve months. The Dow Jones soared higher by 823 basis points, while the S&P 500 and NASDAQ surged by 3.06% and 3.34% respectively during the session.
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Redbox continued its downward trend on Friday and part of its losing streak seems to be from a total lack of interest from traders. Once again the meme stock saw lower than average trading volume with only about 5.5 million shares changing hands. This is the lowest daily trading volume of the week and just a quarter of the recent average volume of 21.5 million shares. Popularity for Redbox seems to be waning, so meme stock traders have likely already moved on to another target.
Redbox stock price
Streaming giant Netflix (NASDAQ:NFLX) received some harsh words from analysts at Bank of America on Friday. According to a recent survey, Netflix is still the top dog in the streaming industry with 79% of the surveyed participants holding subscriptions. Analysts believe any further growth will come from outside of the US, and that ad-supported platforms are not always the saving grace that Netflix believes it will be. Bank of America slashed its price target for Netflix from $240 to $196.
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