By Angela Palumbo
Popular meme-stock trader Roaring Kitty doesn't even need to officially post about a stock to impact its moves -- mere speculation he's buying is enough to send shares soaring.
That's what's happening with headphone maker Koss. The stock was up 48% on Friday to $15.70, which would mark the stock's highest close since Nov. 15, 2021. Koss stock has risen 253% this week and is on pace to have its best weekly performance since the week ending Jan. 29, 2021, according to Dow Jones Market Data. Koss
Other meme stocks were also rising on Friday. GameStop was up 0.9%, AMC Entertainment Holdings was rising 2.1% and Chewy was gaining 3%.
Reddit and X users alike have speculated that Keith Gill -- also known as Roaring Kitty -- had hinted at buying Koss through an old social media post that included an American flag emoji with a microphone in the middle.
Gill's vague social media posts have stirred up trading activity this year. In May, he posted a picture on X of a man sitting up in a chair. That was his first post since 2021, and led to the resurgence of retail traders buying up GameStop and AMC Entertainment stocks. Then on June 27, Gill posted a photo on X of a dog emoji. His followers took that as a sign he was buying shares of pet e-commerce company Chewy, which caused the stock to momentarily rally.
Koss designs and sells headphones and other stereo accessories. Shares soared early in 2021 as the stock got carried away in the original meme mania stirred by the short squeeze of GameStop. The stock has now tumbled 75% from its peak of $64 hit on Jan. 29, 2021.
Write to Angela Palumbo at angela.palumbo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
July 05, 2024 11:16 ET (15:16 GMT)
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