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Saturday, May 28, 2022

Why is Koss Corporation (KOSS) soaring high in intraday trading?

Shares of the Koss Corporation (NYSE: KOSS) are soaring in the intraday trading of Wednesday. KOSS stock price saw a jump of 52.35% to reach $27.21 a share as of this writing. There is nothing particular by the Koss Corporation to explain this bull, but it seems that the Reddit rally has pushed the stock price to gain. Let’s deep dive to explore more of it.


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What’s happening?

There is no company-specific news, no press release, no analyst upgrades, or targeted stock price to explain the rise in the stock price.It seems that GME stock is the main culprit behind this rise. GameStop announced a few days ago that Ryan Cohen, the co-founder of Chewy (NYSE:CHWY) will lead the company’s Strategic Planning and Capital Allocation Committee.GameStop is planning to focus more on digital business as its physical business has been greatly hit by the COVID-19.Investors believe that GME will achieve its transformation goals under the supervision of Ryan Cohen. ME has gained a good reputation in Reddit that pushed other meme stocks including KOSS.

KOSS has performed well in the past month. KOSS shared recorded a jump of 1800% in a single week of February and reached 3715%. KOSS’s share price had skyrocket on January 29 with $64 per share price.Prior to this rise, the per-share price did not cross $5 per share since 2014.

Here is what you need to know about Koss Corporation.

  • Koss Corporation is the designer, manufacturer, and seller of headphones and related equipment in the United States and the globe.
  • Its main products are wireless Bluetooth headphones, active noise-canceling headphones,wireless computer headsets Bluetooth speakers, and telecommunications headsets.
  • The company sells its products through distributors, national retailers, internet, audio specialty stores, direct mail catalogs, regional department store chains, discount department stores, grocery stores, and electronics retailers.
  • The company was founded in 1953 and its headquarters is in Milwaukee, Wisconsin.

Conclusion

Reddit rally has pushed the price of the headphone maker. The KOSS stock price has recorded massive gains in the past few months. Although no change was observed in the company’s business model. For long-term investors, it is necessary to observe the overall growth of the stock rather than short-term price movements.

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