(Bloomberg) The newest additions to the meme-stock frenzy surged in premarket trading as retail traders latched on to their latest favorites.ContextLogic Inc. soared 32% and Clover Health.
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Love it or hate it, Medicare insurance technology company
Clover Health Investments Corp (NASDAQ: CLOV) is the latest Reddit short squeeze stock ripping higher this week.
The stock gained 86% on heavy volume Tuesday as a massive short squeeze continued, and S3 Partners analyst Ihor Dusaniwsky said Clover short sellers are racking up major losses.
What Happened? Since completing its highly anticipated SPAC merger back in January, Clover was a major disappointment for investors from day one.
In fact, the stock spent much of the last three months trading below $10 per share. In May, Clover reported just 18% revenue growth in the first quarter and a net loss of $48.4 million.