Can You Count on This Wild-Card Meme Stock?
Texas-based exploration-stage oil and gas company Torchlight Energy (NASDAQ: TRCH) will soon cease its operations and begin producing nanomaterials via a reverse takeover from Canadian materials developer Metamaterial. That's a pretty wild story. Meanwhile, the meme stock is probably the best long-idea the 10 million strong r/WallStreetBets community has come up with. The stock is already up a stunning 1,310% ove the last 12 months.
Don't get me wrong; some traders are in the stock for nothing more than to squeeze the shorts and transfer capital to one's own pockets at their expense. Over 30% of the float is shorted. However, there is a genuine proposition behind Metamaterial. Let's look at why investors can feel confident about buying a small stake at these levels.
Image source: Getty Images.
Source Fool.com
