Torchlight Energy shares surge 74% in latest meme stock rally (updated)

Meta Materials

21/06/2021 15:24

(Adds share details, background)
    June 21 (Reuters) - Shares of Torchlight Energy Inc  TRCH.O 
rose as much as 73.5% to a record high of $10.88 in morning
trade as the oil and gas producer became the latest company to
grab the attention of the Reddit pack of small-time social media
driven investors.
    More than 134 million shares changed hands, over four times
their 25-day average trading volumes, to become the most heavily
traded stock on the Nasdaq. 
    Torchlight, which is being bought by industrial materials
maker Metamaterial Inc  MMAT.CD , was also the most discussed
stock on trading-focused social media site Stocktwits, a
platform commonly seen as a measure of interest from small time
investors. 
    Message volumes on Stocktwits related to Torchlight jumped
13.7%, with more than 98% of messages reflecting positive
sentiment toward the oil and gas explorer's shares.

 (Reporting by Arathy S Nair and Aaron Saldanha in Bengaluru;
Editing by Anil D'Silva)
 ((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726);
Twitter: https://twitter.com/ArathySom;))