Meme stocks have come to the spotlight once again. In the past few days, we have seen the strong performance of companies like GameStop, AMC, and Clover Health have done well. The same is true with the Kodak share price has risen to the highest level since November last year. KODK is trading at $6.92, which is about 100% above its lowest level this year. KODK stock rebounds Eastman Kodak became a favourite meme stock after the Trump administration selected the company to start manufacturing some health items during the pandemic. The shares rose to $60 as many retail traders jumped in at the time. However, the good times did not last for long as the stock crashed by over 94%, bringing its market value to about $516 million. The Kodak share price has recovered modestly in the past few days as investors reflect on the firm’s earnings published mid this month. The company’s revenue rose by 12% to $121 million even as the management reduced net debt by $294 million. Its adjusted EBITDA rose to $11 million after falling by $1 million in the previous year. These results showed that its management is doing well implementing its turnaround strategy. So, is the Kodak stock price too low, or is it a value trap? Its financial performance was relatively strong, although it is still struggling with its margins. The most recent results showed that its gross profit margin was about $14.26%, while its net profit margin was about 2%. However, the firm will find it difficult to grow this margin considering that the cost of doing business is surging. Another issue is that Kodak is still not cheap even after the stock collapsed by 94%. It has a price-to-earnings ratio of 24.30, which is a bit higher. Still, its strength is that its business has some modest growth and its balance sheet is a bit strong. It has a total debt of $312 million and $362 million in cash, meaning its net debt is minus $50 million. Kodak share price forecast The Kodak stock has done well recently after the company published encouraging results. As a result, it has moved above the descending trendline shown in black. Another important thing is that the 25-day and 50-day EMA have made a bullish crossover pattern. The price is approaching the 50% Fibonacci retracement level. Therefore, it seems like the Kodak share price is gaining momentum in the near term. If this happens, the next key level to watch will be $8.27, along with the 61.8% retracement level.