TRCH - Why Torchlight Energy Stock Fell 28% in Early Trading Today
Shares of energy company Torchlight Energy Resources (NASDAQ: TRCH) fell as much as 28% in the first 90 minutes of trading on June 23. That follows on losses of around 25% from the previous trading day. And yet the shares are still up some 600% or so since the start of the year. This is not normal trading action.
Oil and natural gas prices were higher in early trading today, so today's drop isn't related to the commodities that underpin Torchlight Energy's business. And while Torchlight is in the middle of a merger with Canada's Metamaterial, the last news on that front came out on June 21. So that's not likely the issue today. Which leaves one last option: Reddit message boards, which have taken up Torchlight as a so-called meme stock.
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Why Torchlight Energy Stock Fell 28% in Early Trading Today