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By Suzanne McGee
(Reuters) – Shares of headphone maker Koss Corp. soared for the second session in a row on Friday, closing at $13.35 a share, after buying and selling as excessive as $18.50 early within the day, as social media posts speculated {that a} put up by meme inventory influencer Keith Gill indicated his curiosity within the firm.
Some followers of Gill, recognized to his on-line followers as ‘Roaring Kitty’, on social media pointed to cryptic pictures he posted in Could of a microphone posted towards the backdrop of the U.S. flag. The picture was proven as an emoji that scrolled throughout the tip of a video.
That led to hypothesis on Reddit, equivalent to In any other case-Category42’s put up on the sub-Reddit dedicated to GameStop that has been monitoring Gill’s return, that ‘Roaring Kitty’ would turn out to be a purchaser of Koss shares on or round July 4, the U.S. Independence Day vacation. The poster additionally documented similarities between Koss and GameStop. Others on Reddit, nonetheless, had been skeptical because the U.S. flag emoticon featured a microphone and never headphones.
Koss’ achieve on Friday follows a 143.8% bounce throughout Wednesday’s abbreviated buying and selling session and brings its features for the week to almost 230%. In premarket buying and selling on Friday, the inventory briefly traded as a lot as 74% greater.
“There are completely no basic the reason why this firm is likely to be price 4 instances what it was originally of the week,” mentioned Steve Sosnick, market strategist at Interactive Brokers.
Practically half of Koss’s 9.25 million shares are held by insiders and such a small public float means even small upticks in shopping for can lead to exaggerated strikes, Sosnick and different merchants famous. By early afternoon Friday, buying and selling quantity had topped 47 million shares. Its common every day buying and selling quantity over the past 60 days is lower than 2 million, merchants famous.
Koss couldn’t be reached for remark.
Gill, who didn’t return calls or e-mails searching for remark, has not made any public feedback about Koss. In mid-June, he disclosed a place of 9 million shares in GameStop Corp. and most lately, revealed in a submitting with U.S. regulators that he acquired a 6.6% stake in on-line pet meals retailer Chewy Inc..
Prior to creating the Chewy funding, Gill posted a collection of pictures a couple of cartoon canine on X that followers imagine foreshadowed that disclosure. The sooner video had additionally featured an emoji of an analogous cartoon canine. That despatched “Roaring Kitty” followers seeking any hidden meanings in different shares.
(Reporting by Suzanne McGee; modifying by Megan Davies and Josie Kao)
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