Midday Meme Stock Report for 6\/24: Tesla, Torchlight Energy, GTT Communications, Tilray

Thursday’s morning trading among our set of meme stocks was about evenly split between winners and losers, although the winners were winning bigger than the losers were losing. The worst performing stock was down less than 4% while the best performer was up by around 23% at one point.

That big winner was GTT Communications Inc. (NYSE: GTT), a network services provider to multinational enterprises, network carriers, and governments. The company’s modest market cap, even after Thursday’s strong surge, is just $165.6 million. Perhaps that’s why it’s flying under the r/wallstreetbets radar, even though the percentage of short sales to the stock’s total float was around 40% as of May 28. Trading volume over the past 10 days averaged 6.15 million shares, more than 1 million more than the three-month average.

Tesla Inc. (NASDAQ: TSLA) is sometimes referred to as the quintessential meme stock. With a market cap of around $670 billion, it is easily the 800-pound gorilla stock. Even including today’s share price gain of around 6%, Tesla stock is up less than 4% for the quarter and down about 1.6% for all of 2021–a far cry from the 743% share price gain in 2020.

Marijuana grower and cannabis products maker Tilray Inc. (NASDAQ: TLRY) completed its merger with another Canadian grower, Aphria, in early May. Since then the stock has appreciated by about 13.7% and had added 33% as of June 9 following a steady climb that began on May 14. A U.S. House subcommittee earlier this morning approved a funding bill that protects banks from being prosecuted for working with cannabis companies. This has been a huge anchor on the entire industry. The legislation still has to pass the full House and Senate and get Biden’s signature before it can happen.

Torchlight Energy Resources Inc. (NASDAQ: TRCH) has reversed a two-day slide that had the stock giving back much of its massive 83% gain. After markets close today and before they reopen on Friday, the company will put a dollar amount on the special dividend it will pay existing shareholders prior to its combination with Metamaterial due to be completed next week.

GTT Communications stock traded up about 21% at $3.00 in the noon hour Wednesday in a 52-week range of $1.37 to $8.52. Average daily trading volume is around 5 million shares and has more than tripled to 16 million so far today.

Tesla traded up about 5% at $688.54 in a 52-week range of $187.43 to $900.40. Average daily trading volume is around 29.6 million shares and Thursday’s volume is within 500,000 of that total with half the trading session remaining.

Tilray traded up about 3.3% at $18.19 in a 52-week range of $4.41 to $67.00. Average daily trading volume is 24.9 million and about 16 million shares have changed hands so far today.

Torchlight Energy stock traded up about 2.4% at $5.05 in the noon hour Thursday in a 52-week range of $0.21 to $10.88. Average daily trading volume of around 27.3 million shares has jumped to more than 93 million so far today.

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