Clover Health surges 14% in pre-market trading as the frenzy continues. Stocks are up 150% this week
Clover Health featured on Nasdaq
Actions of Health Clover surged again in pre-market trading on Wednesday, continuing a dramatic development for a Medicare insurance stock that has become a traders favorite on Reddit.
Clover was trading at $ 25.19 per share pre-market, up 14% from its previous close.
the the stock rose 86% on Tuesday and increased by over 100% during the session at one point. Shares also jumped 32% on Monday.
The company’s shares had struggled after a Hindenburg Research short sellers report in February. More than 40% of the shares were sold short on Tuesday, according to S3 Partners, making Clover a target for retail traders looking to cause a short squeeze.
Prior to becoming the focus of retail traders, Clover often had a daily transaction volume of less than 10 million. On Tuesday, his 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 several PSPC-related transactions involving billionaire investor Chamath Palihapitiya.
The stock is up 146% on the week to Tuesday’s close.