The skyrocketing stock price for Milwaukee Headphone Maker KOSS continued its decline Wednesday, but it has still been trading well above its yearly average following a spike fueled by internet speculation. “The famous guy who does this, his nickname is The Roaring Kitty,” explained ANNEX Wealth Management CEO Dave Spano.Â
Spano, told WTMJ’s Wisconsin’s Morning News, stock market day-traders were reacting to a social media post from The Roaring Kitty, that seemed to suggest a KOSS buying spree around Independence Day. That caused the stock, which had closed at $4.36 per share on July 2nd, to briefly top $18 per share on July 5. “Koss is a great company. We’re glad they’re a Milwaukee based company. Well run,” Spano suggested, “…but their sales and earnings do not represent the stock price that is out there right now.”
— Roaring Kitty (@TheRoaringKitty) May 15, 2024
This happened with KOSS stock in 2021 as well when it rose to $64 per share. Similar plays drove AMC and Gamestop shares well above their previous values. The spikes are typically short lived, causing Spano to liken it to gambling. “People are going to go in and consider the stock market a casino, and that’s not what it is,” Spano said. KOSS closed at $9.31 per share Tuesday.Â
Spano is the Host of Money Talk, Saturday mornings at 10AM on WTMJ.
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