Shares of Koss Corp., a maker of headphones, soared on Friday for the second session in a row, closing at $13.35 a share after trading as high as $18.50 early in the day.
Social media posts speculated that a post by meme stock influencer Keith Gill indicated his interest in the business. On social media, some of Gill’s followers, whom he refers to online as “Roaring Kitty,” pointed to cryptic images he posted in May of a microphone displayed against the backdrop of the United States flag.
That sparked speculation on Reddit, such as the post by Otherwise-Category42, which on the sub-Reddit dedicated to GameStop and has been tracking Gill’s return, that “Roaring Kitty” would purchase Koss shares on or around July 4 in the United States. holiday on Independence Day. Additionally, the poster pointed to similarities between Koss and GameStop.
However, due to the fact that the US flag emoticon featured a microphone rather than headphones, some Reddit users were skeptical. Koss’s gains for the week total nearly 2360 percent, following a jump of 1438.8 percent during the brief trading session on Wednesday.
On Friday, the stock briefly traded as high as 74% higher in premarket trading. “There are positively no obvious explanations for why this organization may be worth multiple times what it was toward the start of the week,” said Steve Sosnick, market tactician at Intuitive Agents.
Sosnick and other traders noted that because insiders hold nearly half of Koss’s 9.25 million shares and that the company has such a small public float, even small increases in buying can cause exaggerated movements. By early evening Friday, exchanging volume had topped 47 million offers.
According to traders, its 60-day average daily trading volume is less than 2 million. Koss couldn’t be gone after remark.
Gill, who didn’t return calls or messages looking for input, has not unveiled any remarks about Koss. He disclosed a position in 9 million GameStop Corp. shares in the middle of June. (GME.N), and most recently, he disclosed that he acquired a 6.6% stake in Chewy Inc., an online retailer of pet food, in a filing with U.S. regulators.
On X, Gill posted a series of images about a cartoon dog that followers believe hinted at that disclosure prior to making the Chewy investment. An emoji of a cartoon dog that was similar had also appeared in the earlier video. That prompted fans of “Roaring Kitty” to look for hidden meanings in other stocks.
