Home / Business / Clover Health rides Reddit’s ‘meme stock’ wave amid record trading volumes

Clover Health rides Reddit’s ‘meme stock’ wave amid record trading volumes

Clover Health Investments, Corp. (Clover) shares broke the previous 52-week high of $24.93 early Wednesday before the open. This led the stock to rise more than 110% in the past week amid the stock shortfall. after the market opens Its price fell below Tuesday’s close of $22.15.

Clover Health was founded in 2014 and is headquartered in Tennessee. It is a Medicare-sponsored insurance vendor with 458 full-time employees, and serves Preferred Provider Organizations and Medicare-eligible consumer health plans through its software platform.

Recently, the company, as Redditors, has the potential for short-lived crushing opportunities, giving CLOV the same “meme stock” status as AMC Entertainment (), BlackBerry () and GameStop ().

Among the company̵

7;s online admirers is Chamath Palihapitiya, an American venture capitalist and CEO of the company, the company’s exclusive acquisition (SPAC) that allows Clover to go public. His investment soared to $682 million after rising more than 30% on Tuesday.

Feelings around the recent rally were completely different in early February when an investment research firm focused on short selling activists, which also published a report on fraud allegations by other firms, alleges that clover. There, without disclosing an ongoing investigation by the Department of Justice, this has spiraled Clover’s share price to a record low of $6.31.

Hindenburg’s past goals are () and ().

Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter: @thomas_hum_.

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