Is this a torch coral and is it considered a happy coral?

Looks just fine being a new addition to a tank..
Give it sometime to adapt before you really judge it.. A couple days is usually sufficient.. 24 hours is a bit early IMO to judge..
 
Mine took a couple days to stretch out, sadly they loose that cool, really deep purple (I'm actually colorblind) when they stretch out.
 
Yea I agree with the others....looks good for a new addition....usually takes a bit to acclimate to a new tank.
 
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