A stock worth $0.05 made up 15% Wall Street's entire trading volume and surged 115%

The Meme stock mania on Wall Street is back with renowned vigour. Just last week, shares of Kohl’s Corp. had doubled in a single trading session. Thursday was the turn of an even smaller stock, Healthcare Triangle Inc. to join the list.

Shares of Healthcare Triangle gained 115% on Wall Street on Thursday, after surging as much as 138% during the trading session. While the intraday move is not novel for such meme stocks on Wall Street, it was the volumes at which the stock surged that caught the eye of market participants.

Over 3 billion, or 300 crore shares of Healthcare Triangle changed hands on Wall Street during Thursday’s trading session. That was 15% of the entire trading volume on all the exchanges combined, according to Bloomberg data.
At the time of closing, shares of Healthcare Triangle cost a princely, five cents. There was no trigger behind the move seen in the stock.

The total value of shares that changed hands during the day stood at $150 million, which was seven times the company’s market capitalisaion.

While the number of stocks being drawn into the frenzy is growing, the rallies have been volatile and often short lived, as had been the case with names like GameStop and AMC Entertainment, who were the pioneers of the meme-stock mania back in 2021.

According to its website, Healthcare Triangle is a leading provider of certified cloud and data transformation digital solutions for healthcare and life sciences.

(With Inputs From Agencies.)