‘Buying Black’ Spurs Huge Gains in Carver Bank, Urban One Shares
‘Buying Black’ Spurs Huge Gains in Carver Bank, Urban One Shares
(Bloomberg) -- Carver Bancorp. and Urban One Inc., two companies tethered to serving Black and underrepresented communities, more than doubled on Wednesday as traders aid trends associated with supporting Black-owned businesses amid global protests against police brutality.
Carver jumped as much as 853%, the most on record, on volume more than 100 times the three-month daily average. Urban One’s Class D shares climbed 150% intraday, catching up a bit with a rally in the Class A shares earlier this week. The moves come as calls to “Buy Black” have circulated on social media, pointing consumers to Black-owned businesses as a step toward correcting economic inequalities.
The stocks have also seen increased interest from retail investors. Urban One’s Class A and Class D shares were the two stocks with the biggest increases in popularity in Robinhood accounts over the past 24 hours, according to Robintrack.net, an online monitoring service. Carver also saw a huge jump in trading activity on Robinhood in early June.
“Buying Black,” coupled with similar phrases such as “buying back the block,” are garnering mainstream attention following protests across the U.S. against police brutality toward Black people. The trend has evolved from long-standing traditions in Black communities to lift up and invest in their own people.
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