The stock rose 86% on Tuesday and was up more than 100% during the session. Shares also jumped 32% on Monday.
surged again in premarket trading on Wednesday, continuing a dramatic move for a Medicare insurance stock that has become a favorite of traders on Reddit.stock rose 86% on TuesdayShares of the company 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.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
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