Why $REI oil meme reddit stock skyrocketed?
A Texas oil company that’s been the subject of social media speculation in recent weeks is seeing an explosion in trading of out-of-the-money call options, indicating retail traders are betting on another big jump in the shares.
Ring Energy Inc. is an industry minnow, selling an average of almost 9,500 barrels of oil in the third quarter. It shares have doubled in less than two weeks.
The frenzy is latest example of “meme” stocks attracting the interest of retail traders. The company has featured recently in numerous discussion threads on Reddit. Ring is also under pressure from its largest shareholder, energy investor Simon Kukes, to make changes. Ring didn’t immediately respond to a request for comment.
finance.yahoo.com/news/oil-meme-stock-draws-trading-221004171.html
Ring Energy Inc. is an industry minnow, selling an average of almost 9,500 barrels of oil in the third quarter. It shares have doubled in less than two weeks.
The frenzy is latest example of “meme” stocks attracting the interest of retail traders. The company has featured recently in numerous discussion threads on Reddit. Ring is also under pressure from its largest shareholder, energy investor Simon Kukes, to make changes. Ring didn’t immediately respond to a request for comment.
finance.yahoo.com/news/oil-meme-stock-draws-trading-221004171.html
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