Activist investor believes RBL undervalued urges board to sale company, page-18

I believe it's because:

Bearish investors are shunning consumer stocks in part because they worry that surging prices will eventually lead to an economic slowdown, perhaps even a recession."Consumer discretionary remained the most-shorted sector in mid-March, largely due to the impact of rising inflation on demand for nonessential goods," according to S&P.Short interest levels — the percentage of shares being held by investors betting that a stock will go down — rose to 5.24% for consumer discretionary stocks. That's the highest level since mid-January 2021.

Red bubble doesn't sell anything essential, it's more "fun to have". Also looks like website traffic to the site has been trending downwards.

Traffic is supposed to be 32 million per month, it's down to 25 million. Less people buying things on their site.