Shares of Clover Health surged at the open on Wednesday before reversing those early gains, continuing a volatile period for the Medicare insurance stock that has become a favorite of traders on Reddit.
Clover was trading at $19.03 per share at 11:45 a.m. ET, down about 14% from its previous close. The stock rose as high as $28.85 per share earlier in the session.
Meanwhile, other so-called meme stocks were catching a bid on Wednesday, with Clean Energy Fuels surging.
Clover's stock rose 86% on Tuesday and was up more than 100% during the session at one point. Shares also jumped 32% on Monday.
The stock had struggled after a short-seller report from Hindenburg Research in February. More than 40% of the stock was sold short as of Tuesday, according to S3 Partners, which makes Clover a target for retail traders who want to cause a short squeeze.
Prior to becoming the focus of retail traders, Clover often had a daily trading volume below 10 million. On Tuesday, its shares changed hands more than 700 million times.
Clover went public last year through a merger with a special purpose acquisition vehicle. The company is one of many SPAC-related deals involving billionaire investor Chamath Palihapitiya.
The stock is up 146% on the week through Tuesday's close.
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June 09, 2021 at 05:18PM
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Clover Health pops at open but fades, turns negative as Reddit trade finds new targets - CNBC
"trade" - Google News
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