Torchlight Energy Resources Inc. (NASDAQ:TRCH) shares, rose in value on Friday, June 11, with the stock price up by 2.26% to the previous day’s close as strong demand from buyers drove the stock to $3.08.
Actively observing the price movement in the recent trading, the stock is buoying the session at $3.01, falling within a range of $2.87 and $3.18. Referring to stock’s 52-week performance, its high was $4.83, and the low was $0.21. On the whole, TRCH has fluctuated by 54.36% over the past month.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that TRCH’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
1 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), 0 recommend it as a Buy and 0 called the TRCH stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of TRCH currently trading nearly 23.54% and 46.01% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 68.85, while the 7-day volatility ratio is showing 9.68% which for the 30-day chart, stands at 8.66%. Furthermore, Torchlight Energy Resources Inc. (TRCH)’s beta value is 1.99, and its average true range (ATR) is 0.23. The company’s stock has been forecasted to trade at an average price of $2.70 over the course of the next 52 weeks, with a low of $2.70 and a high of $2.70. Based on these price targets, the low is 12.34% off current price, whereas the price has to move 12.34% to reach the yearly target high. Additionally, analysts’ median price of $2.70 is likely to be welcomed by investors because it represents an increase of 12.34% from the current levels.
Data on historical trading for Torchlight Energy Resources Inc. (NASDAQ:TRCH) indicates that the trading volumes over the past 10 days have averaged 7.98 million and over the past 3 months, they’ve averaged 8.95 million. According to company’s latest data on outstanding shares, there are 129.61 million shares outstanding.
Nearly 8.20% of Torchlight Energy Resources Inc.’s shares belong to company insiders and institutional investors own 8.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 15.37 million shares as on May 27, 2021, resulting in a short ratio of 2.4. According to the data, the short interest in Torchlight Energy Resources Inc. (TRCH) stood at 10.56% of shares outstanding as of May 27, 2021; the number of short shares registered in Apr 29, 2021 reached 16.0 million. The stock has risen by 330.00% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the TRCH stock heading into the next quarter.