Shares of Clover Health Investments Corp. soared after emerging as the latest target for retail traders on Reddit forums.
The healthcare company’s share price rose as much as 109% Tuesday before retreating to close at $22.15, up 86% and nearly triple the $7.64 price at the end of last month. Following a 32% jump in the share price Monday, more than 720 million shares traded on Tuesday, nearly a 45-fold increase from Friday.venture capitalist Chamath Palihapitiya. Founded in 2013 by healthcare entrepreneur Vivek Garipalli and based in Nashville, Tenn.
, which Clover Health’s management disputed. SPACs have since fallen out of favor among investors as inflation concerns spurred a shift away from growth stocks and many have seen sizable declines. Some Reddit users are speculating that Clover Health could be the next short squeeze, which is characterized by a high level of its shares being sold short. In this case, if the share price rises significantly, some investors might be forced to buy the stock to cover their short positions, which could accelerate upward momentum.
squirrel
$CLOV 24 $WKHS 16 $SOFI 25 $WEN 30 Nice Setups
Ponzi up ⬆️
Isn’t that the company that’s facing an SEC investigation and a boatload of reputation problems? If so, that Chamath guy is better than the CCP
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