'Pennies: Going In Raw' Podcast Recap: Traders Discuss WISH And TRCH Price Targets, Investing In New IPOs

On this week's Wednesday episode of "Pennies: Going In Raw," hosts Dan Knight and Mitchell Hennessey (aka Hugh Henne) discuss this week's market price action, ContextLogic WISH and Torchlight Energy Resources TRCH.

Knight and Hennessy started the episode off by talking about the price action of the market this week, that stocks might need a little time to cool off after the previous week's torrid run.

"What we're seeing is a lot of range," Hennessey said. "It's been getting used to the brake and the pedal. Foot on the gas, then foot on the break."

After talking about the overall market, Hennessey brought up Torchlight, a stock that he first dropped his due diligence on months ago.

"With something like TRCH, it flew," Hennessey said. "The same time that I called the swing, the market was really hot for swinging… I had said the next news we were looking for was debt release and then that next day that press release came out. Everybody chased it up. My average was about $2.08 and it continued to dip from there."

But Hennessey never sold his shares of Torchlight as the stock continued to dip. The company entered a quiet phase, but he held strong in his position. The trade paid off as Hennessey was able to sell shares above $5, locking in more than a 100% gain on the trade.

Once the pair moved on from Torchlight, Knight and Hennessey highlighted the differences between different types of IPOs. They talked about IPOs, SPACs and direct listings, explaining why different types of companies would go one route as opposed to the other methods.

Finally, the pair reviewed ContextLogic, a company that has received a lot of attention among retail traders throughout the past week or so.

"The biggest thing is if you look at the chart, there was a huge bottom out at the $8.00, $9,00 range. If this gets above $13.00 we could be looking at $20.00 a share easily," Hennessey said.

Hennessey also said the stock reminds him of Overstock OSTK, a stock that's up almost 300% throughout the past year.

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