GME Stock – (CLOV), (AMC) – Clover Health Emerges As Top WallStreetBets Interest As It Outperforms AMC, BlackBerry Stocks On Monday
Clover Health Investments Corp (NASDAQ: CLOV) emerged as the most discussed name on r/WallStreetBets, or WSB, a popular retail-investor-centric Reddit forum.
What Happened: Clover Health, which operates as a Medicare Advantage insurer, attracted 1,635 mentions on the investor forum that took the limelight for a short squeeze in shares of GameStop Corp ((NYSE: GM)E) earlier this year.
BlackBerry Ltd (NYSE: BB) received 1,595 mentions on Monday night. Clean Energy Fuels Corp (NASDAQ: CLNE), AMC Entertainment Holdings Inc (NYSE: AMC) and GameStop attracted 1,471, 1,072, and 591 mentions respectively.
“SPAC King” Chamath Palihapitiya-backed Clover Health also rose to the most-discussed stonk status earlier in the month. Stonks are shares favored by retail investors.
On Monday, Clover Health shares soared 32.44% in the regular session to $11.92 and rose another 8.22% in the after-hours trading to $12.90.
Other retail favorites whose shares spiked in the regular session on Monday were AMC, which shot up 14.8% to $55, Blackberry, which gained 13.78% to $15.77, and GameStop, which rose 12.74% to $280.01.
Why It Matters: Clover Health has a short interest of 36.10% of the total float of 112.06 million, according to highshortinterest.com, a website that tracks stocks with short interest of over 20%.
See Also: Clover Health Joins Top WallStreetBets Stocks: What’s Going On?
On Monday, a poster on Reddit noted that Clover Health is “being added to the Russell index” — adding, “I believe that CLOV is about to match the uptick with the likes of AMC and GME.”
The annual reconstitution of Russell U.S. indexes will take place after the market close on 25 June.
Clover Health features on a list of additions to the Russell 3000 index maintained by the FTSE Russell, which tracks the performance of the largest U.S. traded stocks.
Another poster expressed a contrarian view making a case for why he does not like the stock, citing “shady dealings” of the company’s CEO and the fact that the company is “currently burning through cash without a healthy balance sheet to hold them through which means that it is likely they will issue additional equities to stay afloat.”
The critical Reddit post also touched on a Hindenburg Research short-report that disclosed an investigation by authorities related to predatory marketing practices.
Read Next: AMC, GameStop Skyrocketing-Stocks Lead Russell 2000 Value Index To Outperform Growth Counterpart
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