Koss Corporation (NASDAQ:KOSS) stock is on the rise Wednesday and there’s a couple of reasons for the movement.
Starting off, Koss is a favorite stock among r/WallStreetBets users. Stocks picked by these retail investors have been performing well lately with strong gains on heavy traffic. KOSS stock is no different in that regard.
As of this writing, more than 9 million shares of KOSS stock have changed hands. That’s already above the company’s daily average trading volume of 4.2 million shares and it’s still early in morning trading.
So why are shares of one of Reddit WallStreetBets’ favorite stocks heading higher today? It appears continued movement from recent GameStop (NYSE:GME) news is behind the climb. The company announced plans to shift focus to digital on Monday and many of the Reddit stocks have been climbing alongside it.
While there’s no denying the power of retail traders in a social media world, KOSS stock could be up for another reason. A recent report claims that the Global Unified Communication (UC) and Business Headsets Industry is set to soar over the next few years.
According to this report, the market is set to reach $4.9 billion by the time 2027 rolls around. To put that in perspective, it was worth $2.4 billion in 2020. That matters to KOSS stock as the company was named in the report as one of the featured competitors in the space.
KOSS stock was up 56.4% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
