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Here’s Why Redbox Entertainment Inc. (NASDAQ: RDBX) Is A Good Stock To Buy Right Now

The trading price of Redbox Entertainment Inc. (NASDAQ:RDBX) closed lower on Tuesday, June 21, closing at $11.60, -3.41% lower than its previous close.

Traders who pay close attention to intraday price movement should know that it fluctuated between $11.00 and $12.35. In examining the 52-week price action we see that the stock hit a 52-week high of $27.22 and a 52-week low of $1.61. Over the past month, the stock has gained 205.26% in value.

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Redbox Entertainment Inc., whose market valuation is $512.49 million at the time of this writing. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.95 per share this quarter, however they have predicted annual earnings per share of -$2.31 for 2022 and -$0.36 for 2023. It means analysts are expecting annual earnings per share growth of -298.30% this year and 84.40% next year.

Analysts have forecast the company to bring in revenue of $80.29 million for the current quarter, with the likely lows of $64.1 million and highs of $100.9 million. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2022 is $479.07 million. The company’s revenue is forecast to grow by 66.00% over what it did in 2022.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Redbox Entertainment Inc. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest RDBX has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently 50% Buy.

Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned RDBX a recommendation rating is 3. Out of them, 2 rate it a Hold, while 0 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged Redbox Entertainment Inc. (RDBX) as Underweight, while 1 advise Sell. Analysts have rated the stock Underweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.

A quick review shows that RDBX’s price is currently 35.20% off the SMA20 and 103.12% off the SMA50. The RSI metric on the 14-day chart is currently showing 60.23, and weekly volatility stands at 27.71%. When measured over the past 30 days, the indicator reaches 30.00%. Redbox Entertainment Inc. (NASDAQ:RDBX)’s beta value is currently sitting at 0, while the Average True Range indicator is currently displaying 2.38.

To see how Redbox Entertainment Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: RDBX stock’s performance was -3.41% in the latest trading, and 16.47% in the past year. Also in last trading session, the S&P 500 Index has surged 2.45%, while the Dow Jones Industrial also saw a positive session, up 2.15% on the day.

An evaluation of the daily trading volume of Redbox Entertainment Inc. (NASDAQ:RDBX) indicates that the 3-month average is 21.03 million. However, this figure has increased over the past 10 days to an average of 32.82 million.

Currently, records show that 12.62 million of the company’s shares remain outstanding. The stats also highlight that short interest as of Apr 28, 2022, stood at 2.52 million shares, resulting in a short ratio of 0.23 at that time. From this, we can conclude that short interest is 19.95% of the company’s total outstanding shares. It is noteworthy that short shares in April were up slightly from the previous month’s figure, which was 1.13 million. However, since the stock’s price has seen 56.55% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.

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