Mexco Energy Corporation (MXC)

[davidsson10]

15:52 ET - Mexco Energy is on a wild ride this week despite no clear news driver, with some traders blaming small investors using the Robinhood trading app. The Texas oil company closed at $3.65 Tuesday and surged Wednesday to close at $8.10, a 122% one-day increase. Shares are off 16% today. Volumes were unusually high Wednesday at 56.4M shares, while average volume in the past 30 days, excluding Wednesday, is less than 47,000 shares per day, according to FactSet. "The retail herd just keeps rotating through low-float stocks." says Dennis Dick, a trader at Bright Trading. Robinhood users with Mexco shares jumped from 318 Tuesday to as many as 1,750 Wednesday, before falling back to 1,136 today, according to Robintrack, a website tracking Robinhood investors. Mexco did not respond to a request for comment. ([e-mail]; @aosipovich)