Koss Stock Chart: KOSS closes up 143% on Wednesday, adds another 17% afterhours

July 3, 2024 9:59 pm

  • Koss stock gains 143% on Wednesday out of nowhere.
  • KOSS stock rallies as much as 330% despite lack of catalysts.
  • GME and AMC stocks featured no volatility.
  • Stock is thought to be benefiting from a short squeeze.

Koss, the maker of headphones and a noted meme stock, transcended the market on Wednesday, and no one really knows why.

Shares of Koss closed up 143.8% on the day but were up about 330% at one point. What’s more, other meme stocks like GameStop (GME), AMC Entertainment (AMC) and Chewy (CHWY) were rather complacent in the same session. Normally, meme stocks tend to exhibit group rallies.

The S&P 500 and the NASDAQ both witnessed new all-time highs in Wednesday’s shortened session after the ADP Employment Change report showed fewer new jobs in the US economy than expected. Coupled with Initial Jobless Claims arriving slightly above consensus, the market made the guess that the slowing labor market is sure to force the Federal Reserve’s (Fed) hand into trimming interest rates at its September meeting. Lower interest rates are a boon for equities.

The stock market will be closed on Thursday for the July 4 Independence Day. Shares of KOSS gained another 17% in the postmarket on Wednesday.

Koss stock news

Social media was awash with rumors about the Koss stock rally. Some thought GME CEO Ryan Cohen might be buying up shares. Another common idea was Mr. Roaring Kitty himself, Keith Gill, who launched the meme stock movement back in 2021.

Many found the humor in the rally, which reached a high of $18.73 or a 330% gain just after noon.

Could GameStop itself be interested in acquiring Koss for its manufacturing capabilities? One trader thought so:

Another online watcher noticed the unusual fact that other meme stocks were not following suit.

Meme stocks FAQs

Koss stock chart

Outside of its midday candle, Koss stock exhibited higher lows throughout the day. This would seem to lend itself to sustained demand rather than a pump-and-dump scheme. The best guess would be that once the US stock market reopens on Friday, shares of KOSS will continue their advance no matter how Friday’s Nonfarm Payrolls report reads.

KOSS 15-minute stock chart

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