The name Koss became synonymous with premium headphones, whose heavily shorted stock has been among those skyrocketing thanks to investors on Reddit’s WallStreetBets thread. Koss products are made in the U.S., and include a complete line of headphones, from high-end equipment geared to serious audiophiles and music professionals to inexpensive gear sold at mass merchandisers such as Target and Kmart.
Shares of Koss jumped more than 45% after-hours on Thursday, after tumbling 28% to end the day at $41.26. The bounce-back came as Robinhood mentioned Thursday it will allow “limited buys” of Koss and other securities that have elevated higher amid the WallStreetBets hysteria, partly reversing course from an earlier action.
Koss [$KOSS] noted late Thursday it pulled in $509 million, or 7 cents a share, in the quarter, contrasting with a net loss of $216,000, or 3 cents a share, for Q2 2020. Sales lifted 18% to $4.2 billion, by virtue of continued demand from those working or studying from home during the pandy, the company said.
Diversification into related electronics areas in the 1980s proved disastrous for Koss, sending the company into bankruptcy. Koss emerged from Chapter 11 in 1985, and remained dedicated to its core product line. Over 80% of the company’s sales come from stereo headphones. Koss is publicly traded over the counter, and over half its stock is owned by management and employees.