Siebert Financial (SIEB) Goes Wild: What’s Going On?

At the beginning of a new trading week, it is perhaps a good idea for investors to take a look at some of the stocks which recorded significant gains on Friday.

One such stock is Siebert Financial Corp. (NASDAQ: SIEB), which saw its stock soar by as much as 121% this past Friday and the rally in the stock could have been triggered by the recent surge in the markets due to Reddit community WallStreetBets. Many little known stocks have rallied strongly owing to the backing from investors from WallStreetBets and it seems that the market believes that the discount brokerage Siebert Financial could be the next in line.

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However, there could be a fundamental reason behind the rally as well. Siebert had been working in collaboration with Overstock regarding the establishment of an online trading platform for cryptocurrencies. Hence, many investors believe that the current frenzy in the cryptocurrency markets could also be a reason. That being said, it appears a farfetched rationale at this point.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.