Gran Tierra Energy (NYSEAMERICAN:GTE) stock is soaring on Thursday with heavy trading of the stock.
As of this writing, more than 343 million shares of GTE stock have changed hands today. For some perspective, the company’s daily average trading volume is 7.56 million shares.
So what exactly has GTE stock soaring higher today? The company did provide an update yesterday on its performance in 2020 and plans for 2021, but that’s probably not the catalyst behind this boom. Instead, social media stock traders are likely the cause.
GTE is frequently popping up in social media posts alongside stocks boosted by investors over on Reddit WallStreetBets. These investors have been holding shares of stock to push up their value and damage short sellers.
Keeping that in mind, here’s what potential investors need to know about GTE stock before diving in.
- Gran Tierra Energy is an oil and gas company focused on exploration and production in Colombia and Ecuador.
- The company is headquartered in Calgary, Canada, and is incorporated in the U.S.
- It’s lead by Gary Guidry, a 35-year veteran in the oil and gas industry.
- Gran Tierra Energy was founded in 2003 and went public in 2005.
- Its current market capitalization is sitting at $248.1 million.
Investors that want to know more about why retail investors from r/WallStreetBets are boosting up stock can get up to speed with the following articles.
- Robinhood Ban Sparks Major Backlash via Tweets, 1-Star Reviews and App Deletions
- BLIAQ Stock: 7 Things to Know About the Blockbuster Remnant Amid the Reddit Run-Up
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- Reddit’s Wall Street Bets: 5 WSB Stocks That Could Be the Next GameStop
- Reddit Traders Squeeze GameStop, And These 5 Stocks Could Be Next
- CVM Stock: Why Cancer Play Cel-Sci Is Riding the Reddit Wave
- AMC Stock: The Next Reddit WallStreetBets Stock of the Day?
- GME Stock: 11 Things to Know About the Wild GameStop Drama on Reddit WallStreetBets (WSB)
GTE stock was up 34.3% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.