To that end, there are a few factors to consider:įirstly, Torchlight is undergoing a complex merger deal that will see the fourth-biggest gainer on the Nasdaq this year abandon its energy operations.
The stock’s incredible run has rewarded early investors handsomely, but it remains to be seen if there is any further upside left in the stock. A potential short squeeze is perhaps another reason for the stock being targeted by subreddit WallStreetBets. However, despite the support from soaring oil prices, short-sellers have increased their bets on Torchlight (nearly 13% of float has been sold short) given its weak financials. The rally in crude prices to a multi-year high of more than $70 a barrel on the back of calibrated OPEC+ supply cuts and an upbeat demand forecast has lifted the upstream space and contributed to Torchlight’s rally. In addition to the enthusiasm of retail traders, Torchlight’s year-to-date performance has been driven by an improving outlook for the Oil/Energy sector.
Torchlight stocks free#
As a matter of fact, Torchlight is being discussed by Redditors as a short squeeze candidate, and it is currently one of the top 10 most-discussed stocks on Twitter.Ĭashing in on the retail trading frenzy, the Plane, TX-based company has announced plans to sell an upsized share offering of $250 million, taking a cue from fellow meme names like AMC Entertainment ( AMC Quick Quote AMC - Free Report), Transocean ( RIG Quick Quote RIG - Free Report) and Express Inc. Essentially, rising oil prices and the company’s ability to capitalize on it made the social media forums target the stock despite its fundamental weakness. Scarcely justified by underlying fundamentals, the staggering rally of 900% year to date has primarily been driven by the social media-driven ‘meme’ craze. The stock hit its all-time high of $10.88 on Jun 21. was incorporated in 2007 and is headquartered in Dartmouth, Canada.Shares of oil and gas producer Torchlight Energy Resources rallied more than 200% over the past month to close the last trading session at $7.00.
and changed its name to Meta Materials Inc. The company was formerly known as Torchlight Energy Resources, Inc. Its customers are OEM providers in various industries, including aerospace, automotive, consumer electronics, communications, energy, banknote and brand security, and medical devices. The company also develops and produces nano-optic structures and color-shifting foils that are used in authentication and brand protection applications in various markets, including banknotes, secure government documents, and commercial branding, as well as engages in the research, development, and manufacture of smart materials. Its products include metaAIR, a laser glare protection eyewear NANOWEB, a transparent conductive film holoOPTIX, a holographic optical element glucoWISE, a non-invasive glucose measurement device and metaSURFACE, which allows an enhancement in signal to noise ratio of up to 40 times for magnetic resonance imaging scans. invents, designs, develops, and manufactures various functional materials and nanocomposites. 7 Dividend Stocks That Earn 10% Every Month.7 Dividend Aristocrats to Help You Take the Bite Out of the Bear.10 Recession-Proof Stocks That Will Let You Wait Out the Bear.7 Stocks with the Pricing Power to Push Through High Inflation.7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates.7 Mid-Cap Stocks That Can be the Perfect Fit at Any Time.7 Stocks to Buy to Outrun Rising Interest Rates.7 Sports Betting Stocks to Buy for Their Long-Term Possibilities.7 Water Stocks to Buy as the World Dries Up.7 Solar Stocks Leading the Clean Energy Boom.7 Railroad Stocks to Keep Your Portfolio Chugging Along.Autozone Shifts Back Into Rally-Mode, New Highs Are In Sight.Did FedEx Just Deliver A Buying Opportunity?.Still Lovin' It: Investors Keep Visiting McDonald's.Lucid is Looking Like a Clear EV Winner.Oracle’s Short-Term Pain Could Be Your Long-Term Gain.Is Ford Rolling To A Rebound After Its Q3 Warning.If You’re Hungry for Value, Take a Bite on Ruth's Hospitality Grp.3 Airline Stocks Stuck in a Holding Pattern.The Trader's Guide to Equities Research.
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