Koss Corp (NASDAQ:KOSS) shares are ripping higher Wednesday. The stock appears to be moving on speculation about recent moves from meme stock trader Keith Gill, also known as "Roaring Kitty."
What To Know: Gill is behind a lot of the recent volatility in GameStop Corp (NYSE:GME) and other retail darlings as the trader made a return to social media in May following a three-year hiatus. Gill is often credited with spearheading the meme stock short squeeze that took place in 2021.
GameStop shares have battled selling pressure in recent sessions after Gill disclosed a 6.6% stake in pet retailer Chewy Inc (NYSE:CHWY). The connection here is that Chewy was founded by GameStop CEO Ryan Cohen. The SEC filing confirming Gill’s stake surfaced just days after the trader posted an image of a dog on X, which sparked speculation that he may be eyeing Chewy.
The dog image has also been met with new speculation from several Reddit users about what Gill could be planning to do next.
A post on Monday from Reddit user canadadrynoob pointed out that a similar dog emoji was used in one of Roaring Kitty’s posts from May in which several emojis scroll across the screen on top of a music video. The Reddit user speculated that the emoji post could represent a timeline of events. This appears to have sparked more speculation about what could come next.
Reddit user Otherwise-Category42 made a post after the market close on Tuesday drawing similarities between recent stock movement in GameStop and Koss Corp shares. The user also highlighted that the next emoji in Gill’s post from May shows an image of a microphone with an American flag in the background.
The post appears to have sparked speculation that Gill could be targeting Koss stock next, potentially sometime around the July 4 holiday. Koss Corp shares rallied in extended trading Tuesday shortly after the Reddit post went live. Koss designs, manufactures and sells stereo headphones and related accessory products.
Gill hasn't posted a position update on social media since he shared a screenshot on Reddit showing that he was holding 9.001 million shares of GameStop, up from about 5 million shares at the prior update.
KOSS Price Action: Koss Corp shares were up 82.8% at $7.97 at the time of publication, according to Benzinga Pro.
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