Oil and natural gas developer Torchlight Energy Resources (TRCH) jumped 16% Friday and is continuing its run Monday, fueled by interest from the meme-stock-investing crowd.
Torchlight wasn't the only meme stock gaining early Monday with AMC Entertainment AMC also moving higher following a 20% gain the week before.
The Plano, Texas, company on Monday said it agreed to extend the date by which the company must close its merger with Canada's Metamaterial to June 30.
Torchlight's stock jumped last week after meme stock investors turned their attention to the company. The stock dropped Thursday, giving up some of those gains, and then jumped Friday.
At last check Torchlight shares were 16% higher at $6.27.
TheStreet.com Founder Jim Cramer on Monday, cautioned, however, that the ability of meme-powered investors to boost stock prices could fade in coming weeks. Cramer cited a series of failed recommendations from discussions on the r/wallstreetbets chatroom in Reddit.
"Right now AMC is a $30 billion company with very little hope that it can survive unless it monetizes the meme support, which is exactly what it should do," Cramer said in his Real Money Column Monday."
"GameStop needs a brilliant plan and while Cohen has brought in brilliant people, the issue is what is the company going to be? It can’t be what it is. No industry insider thinks that is possible."
Ryan Cohen is chairman of GameStop, the Grapevine, Texas, videogame retailer. It's a favorite of the Reddit investing crowd.
Data from the Yolosocks.live website, which tracks real-time mentions on stocks within Reddit's r/wallstreetbets chatroom, indicate that Torchlight has been one of the top-10 most mentioned stocks on the thread over the past two hours.