Siebert Financial (NASDAQ:SIEB) is rocketing higher on Friday as the next wave of the Reddit stocks rally continue. Not familiar with SIEB stock and the story behind the discount brokerage? Here is what you need to know right now.
For those unfamiliar, Siebert Financial is a discount brokerage that has been around for several decades. It calls New York City its home, and on Friday, it is captivating a whole bunch of investors.
With that in mind, here is what you need to know about the company and SIEB stock now:
- Siebert Financial has been around since 1967, when founder Muriel Siebert left her mark on Wall Street.
- Historians tout Muriel as one of the first women in finance, and according to the company, she was the first woman to become a member of the New York Stock Exchange.
- Beyond its history, the company functions as a discount brokerage.
- The company offers traditional brokerage solutions, such as trading for stocks and exchange-traded funds.
- It also offers financial advice, managed portfolios and a variety of insurance plans.
- Investors should also note that the company gained new management in 2016.
- At the time, Kennedy Cabot Acquisition acquired approximately 90% of the outstanding SIEB stock common shares.
- Since then, Siebert Financial has been working to grow and expand its offerings.
- As part of that plan, the company now has retail locations in 17 total locations.
- However, investors should know that there is no recent information from the company.
- In fact, Siebert Financial has confirmed that it did not release any news today.
- That is not stopping SIEB stock from rocketing higher.
- Trading volume today has crossed 26 million shares, compared to an average daily trading volume of 24,612 shares.
What to Know About SIEB Stock
So what do you need to know about Siebert Financial? And why then is SIEB stock rocketing higher today? Unfortunately, there may not be a clear answer.
Investors likely know that Redditors, especially on r/WallStreetBets, have propelled a handful of stocks to new heights this week. This list of stocks includes some not-so-well-known names, such as a rally we saw yesterday in New Concept Energy (NYSEMKT:GBR). With this in mind, it is possible that Siebert Financial is part of the next wave of the retail investor craze.
Another possible explanation comes from the red-hot world of cryptocurrencies and blockchain innovation. Siebert Financial has been working with Overstock (NASDAQ:OSTK) over the last few years. In 2018, the companies announced the launch of an online trading platform through the Overstock FinanceHub. Although this is not the most apparent explanation, some social media users believe that this connection is helping propel SIEB stock. Overstock has long touted its involvement with blockchain and crypto solutions, giving Siebert Financial exposure as well. With Dogecoin (CCC:DOGE) and Bitcoin (CCC:BTC) rallying on Friday, perhaps broad investor interest is lifting SIEB as well.
For now though, proceed with caution. It is clear SIEB stock is appealing today, but we have very little information. Do your own research, and keep this name on your radar.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.