'Meme stocks' top volume charts as Reddit rally expands

Meta Materials

25/06/2021 14:12

** Four of top six traded U.S. stocks premarket are
so-called "meme stocks" that have attracted interest from
small-time traders on social media platforms
    ** Sundial Growers Inc  SNDL.O , Torchlight Energy Resources
Inc  TRCH.O , ContextLogic Inc  WISH.O  and Marin Software Inc
 MRIN.O  log share volumes of 2.5 mln - 4.8 mln by 8:50 a.m. ET
    ** Shares of all four companies have swung this week in
moves characteristic of the Reddit-inspired rally, with MRIN up
114% WTD, WISH up 26%, TRCH down 24% and SNDL up 8%
    ** In first leg of the meme stock rally in January,
individual investors bid up shares of heavily shorted companies,
triggering a short squeeze in stocks such as GameStop Corp
 GME.N 
    ** TRCH has short interest of 11.42% of free float, SNDL
12.83%, WISH 5.21% and MRIN 1.92% - Refinitiv data  urn:newsml:reuters.com:*:nL3N2O72M4
    ** In TRCH, short-sellers have made $28.5 mln in the last 5
trading days; MTD they have lost $27.7 mln - Ortex data
    ** TRCH up 3.4% in premarket trading, SNDL about flat, WISH
and MRIN down 1.7% and 14%, respectively

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