'Meme stock' Torchlight jumps at end of roller-coaster week

Meta Materials

25/06/2021 13:12

** "Meme stock" Torchlight Energy  TRCH.O  up 4.4%
premarket; top traded stock with ~3 mln shares changing hands by
8:05 a.m. ET
    ** TRCH closing out one of its most volatile weeks ever,
soaring 74% on Monday and then sinking 31% a day later after the
company upsized its share sale  urn:newsml:reuters.com:*:nL3N2O41T5
    ** Stock also set to mark its busiest week, with ~764 mln
shares changing hands by Thursday's close for a company with
~159 mln shares outstanding
    ** Part of the volatility fueled by small-time traders on
social media platforms who have bought into heavily shorted U.S.
stocks this year
    ** TRCH had short interest of 11.42% of free float as of
June 15 - Refinitiv data 
    ** Stock down 24% WTD, but up ~580% YTD
    

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 (Reporting by Sagarika Jaisinghani in Bengaluru)
 ((sagarika.jaisinghani@thomsonreuters.com;))