Headphone maker Koss Corp., whose heavily shorted stock has been among the all those skyrocketing in current weeks amid guidance from traders on Reddit’s WallStreetBets concept board, swung to a second-quarter financial gain thanks to greater sales.
Shares of Koss rallied extra than 45% in the extended session Thursday, soon after closing down 28% at $41.26. The turnaround came as on the web investing application Robinhood stated late Thursday it will allow “limited buys” of Koss and other securities that have shot higher amid the WallStreetBets press, partly reversing training course from an before action.
stated late Thursday it earned $509 million, or 7 cents a share, in the quarter, contrasting with a web reduction of $216,000, or 3 cents a share, for the 2nd quarter very last calendar year.
Relevant: Here are the biggest small squeezes in the stock market place, such as GameStop and AMC
Income rose 18% to $4.2 billion, many thanks to ongoing demand from customers from those functioning or studying from property through the pandemic, the corporation stated. U.S. and European distributors as nicely as U.S. online profits led the way, it mentioned.
See also: GameStop shareholder sells off stake valued at about $1 billion
No analysts surveyed by FactSet include Koss, which is based in Milwaukee.