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 company̵7;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.
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Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter: @thomas_hum_.
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