Torchlight Energy (TRCH) Stock Is About To Hit New Highs: A Breakout?

Investors are often known to look for stocks that have managed to deliver...

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Investors are often known to look for stocks that have managed to deliver strong gains over a reasonably long period of time and such an approach is understandable considering the short-term volatility in certain stocks.

By that token, it could be a good move for investors to start tracking the Torchlight Energy (NASDAQ:TRCH) stock, which has emerged as one of the major gainers in the past six months and clocked gains of 550% during that period. The stock has been on the move in the premarket trading period this morning and has gone up by as much as 33% at the time of writing.

The latest rally in the stock has been triggered by an announcement from the company about a special dividend after the closure of markets yesterday. The dividends are on Torchlight Energy’s Series A preferred shares which are related to its merger transaction with Metamaterial. The company also revealed that those who hold common shares in Torchlight as of June 24, 2021, will receive one Series A preferred share in the company.

The announcement led to a flurry of activity in the company’s stock and it was no surprise that the Torchlight stock jumped yesterday. It is also important to point out that the company expects its merger deal with Metamaterial to be closed before the end of June.

While the announcement might have been a trigger for the rally in the stock during premarket trading period this morning, it is also important to note that the stock seems to have caught the attention of retail traders on the social media platform Stocktwits.

In other words, the stock might have entered the group of ‘meme stocks’ that might now be the target of retail investors. Over the course of the past 24 hours, the stock had the third-highest number of mentions and was only behind AMC Entertainment and Ocugen, the two other noted ‘meme stocks’.

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