Traders are going out of their way to support black-owned businesses amid ongoing protests surrounding racial and economic inequalities.
Multi-media company Urban One Inc. (UONE) saw a surge in its shares over the past three days, pushing the price to nearly $30 at one point. The full-day average is usually a volume of 871,000 shares. The shares shot up to 9.7 million rallying a 83.5% in morning trade.
By Monday, there was a volume of 25.1 million shares, a 255.4% increase on the stock. The 18 days of June records a total 837.4% gain, the highest for the company since 2004. Urban One is the largest distributor of urban content in the country that primarily targets African American and urban consumers.
Carver Bancorp. (CARV), a New York based bank that services African Americans, saw a similar gain as the stock shot up 853%. Previously, the stock maintained a share price of an average $2, but saw a spike on Wednesday when it shot up to $21, its highest in the 52-week range. The current price stands at an average of $10, per the record on Thursday.
Investors platform of choice to buy shares of the company are through Robinhood, the commission-free trading app that enables traders to buy stocks, options ETFs and fractional shares.
The gains come as protestors of police brutality and unfair socio-economical conditions garner many to support black-owned businesses in the campaign to “buy black” and “buy back the block”.
However, time will tell if the call to action will be longstanding or just another trend causing the black-owned businesses to lose upward traction in their stocks.
