-The healthcare company’s share price rose over 32% Monday and is up another 30% on Tuesday in premarket trading. It is currently being bought and sold above $15 a share, while it was valued at $7.64 at the end of last month. Over 125 million shares were traded on Monday, nearly an eightfold increase from Friday.
-Clover Health went public Jan. 8 by merging with a special-purpose acquisition company, or SPAC. Founded in 2013, it provides private health insurance and Medicare plans.
-Some Reddit users are speculating that Clover Health could be a candidate for a short squeeze, which is characterized by a high level of investors betting on the stock to fall. If the share price rises significantly instead, short investors may be forced to buy the stock to cover their positions, which could accelerate the stock upward.
-A proxy measure of short-interest, the percentage of shares outstanding on loan, is at 9.7%, according to data from IHS Markit. While this has more than doubled from March, it is far below levels previously seen for stocks such as GameStop, which was above 80% in January.
-This isn’t deterring some Reddit users. “Apes who missed on $GME! Listen up,
CLOV is ready to lift off!” wrote one user who goes by u/pvr90 on Tuesday. Ape is a nickname for buyers of AMC Entertainment Holdings Inc. shares, which have been among the most actively traded meme stocks in recent weeks.
-Clover Health went public Jan. 8 by merging with a special-purpose acquisition company, or SPAC. Founded in 2013, it provides private health insurance and Medicare plans.
-Some Reddit users are speculating that Clover Health could be a candidate for a short squeeze, which is characterized by a high level of investors betting on the stock to fall. If the share price rises significantly instead, short investors may be forced to buy the stock to cover their positions, which could accelerate the stock upward.
-A proxy measure of short-interest, the percentage of shares outstanding on loan, is at 9.7%, according to data from IHS Markit. While this has more than doubled from March, it is far below levels previously seen for stocks such as GameStop, which was above 80% in January.
-This isn’t deterring some Reddit users. “Apes who missed on $GME! Listen up,
CLOV is ready to lift off!” wrote one user who goes by u/pvr90 on Tuesday. Ape is a nickname for buyers of AMC Entertainment Holdings Inc. shares, which have been among the most actively traded meme stocks in recent weeks.Note
The target price was mistyped. It is not 214, it is $14. Sorry for the typo
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.