Urban One (UONEK) Stock Continues Skyward On The “Buy Black” Movement

Urban One UONEK Stock News

Urban One Inc (NASDAQ: UONEK) is flying in the market yet again this morning, following up on the strong gains that we’ve seen from the stock as of late. However, the company hasn’t issued any news, leading to many wondering why the stock is climbing. Nonetheless, there’s a good reason for the gains. Here’s what’s going on:

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The “Buy Black” Movement Sends UONEK Stock Rocketing

Urban One has been rocketing value over the past several trading sessions, and the gains continue today. So far, the stock is up more than 50% and the opening bell hasn’t rung quite yet. So, what’s the reason for the gains?

Following the killing of George Floyd, outraged consumers across the country have been protesting for racial equality in the United States. In fact, the movement is so strong that we’re seeing global protests looking for racial equality around the world.

As such, the movement has led to a movement among investors. Across social media, whether it be Twitter, Facebook, or StockTwits, we’re seeing what’s started to be called the “Buy Black” movement, which is great for UONEK.

The idea here is that buying from black owned businesses will help to cure the economic inequalities across races in the United States. Whether or not that is the case is yet to be seen, but it’s definitely leading to interesting movement in the stock market.

Companies that serve the black community are seeing dramatic gains in value. UONEK isn’t the only one either. Carver Bank, a bank that largely servce the underserved community, saw gains of more than 800% in a single day this week. Others that serve black and underserved communities are also seeing gains.

What’s Coming Next

There’s no way to tell what the future will bring with 100% certainty. However, I do believe that we are going to continue to see gains in black-owned businesses and businesses that serve the black community, like Urban One.

While there have been various movements in recent history that have pushed for racial, economic, and social equality, this has by far been the largest in my lifetime and I don’t think it will be brushed under the rug. With that said, UONEK could have plenty of room to run ahead. So, keep a close eye on the stock.

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