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Here's Why Siebert Financial Is Soaring Yet Again

TheMotleyFool

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Here's Why Siebert Financial Is Soaring Yet AgainPhoto, wide shot, wide-angle lens, soft focus, IT consulting firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-uhXP0RHYYxDepjmHeSp1K8bF.png?st=2023-05-07T15%3A26%3A44Z&se=2023-05-07T17%3A26%3A44Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-07T16%3A18%3A55Z&ske=2023-05-08T16%3A18%3A55Z&sks=b&skv=2021-08-06&sig=4pcJOd8aEI1799liUV13F4ElqO7e4RZy8sa1PEeeNZA%3D

Here's Why Siebert Financial Is Soaring Yet Again

Online discount retailer Overstock.com (NASDAQ: OSTK) announced that it has agreed to take a small stake in Kennedy Cabot Acquisition. The 1% stake of the company, which owns the majority of Siebert Financial Corp. (NASDAQ: SIEB), is being acquired through tZero, Overstock's blockchain subsidiary.

The news pushed shares of Siebert as much as 38% higher before shares gave up some of their knee-jerk reaction. As of 11 a.m. EST, Siebert was trading approximately 18% higher.

Image source: Getty Images.

Source: Fool.com