Koss shoots 131% higher as tweet pegs the small-cap headphones maker as a possible next WallStreetBets darling
- Shares of headphones maker
Kossexploded 131% on Monday, hitting $13.87 at intraday highs.
- A tweet from @realwillmeade highlighted high short interest and a low share price for Koss. The stock has rallied for two days.
- Watch Koss trade live here.
Shares of headphones maker Koss exploded 131% on Tuesday. It's the latest heavily-shorted stock to go wild this week as investors on the popular Reddit forum WallStreetBets pile into companies, looking to make a profit from a short-squeeze.
Koss's stock movement followed a tweet from
"What short names will the Reddit Wall Street Bets army go after next? Here are the 3 stocks with short interest above 35% and a price below $10! $AMC $CLVS $KOSS," they said Monday afternoon.
On Tuesday morning after the market opened, Nasdaq paused Koss trading again as the stock continued to soar. It reached an intraday high of $13.87, a 131% upside from Monday's close. Trading volume of the stock soared to over 30 million shares on Tuesday, compared to the average volume of 452,00 shares traded per day.
Milwaukee-based Koss designs and manufactures headphones, and its stock has remained relatively flat over the past five years. Its sudden and meteoric rise follows rallies in the share price of companies like GameStop, BlackBerry, and AMC Entertainment, which have surged hundreds of percentage points in recent weeks with little fundamental news behind the moves.
Investors speculate the recent rallies have been sparked by a
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