Clover Health on the Nasdaq. presented

Source: Nasdaq

Clover Health stocks rose again in early trading Wednesday, continuing a dramatic move for a Medicare insurance stock that has become a favorite of traders on Reddit.

Clover was trading at $ 27.11 per share in the early trading hours, up 22.4% from its previous closing price.

The stock rose 86% on Tuesday and rose more than 100% intermittently during the session. Shares also rose 32% on Monday.

The company’s stocks struggled, according to a short seller report from Hindenburg Research in February. According to S3 Partners, more than 40% of the stock was sold short Tuesday, making Clover a target for retailers looking to cause a short squeeze.

Before Clover became the focus of retailers, Clover often had a daily trading volume of less than 10 million. On Tuesday, the shares changed hands more than 700 million times.

Clover went public last year through a merger with a special purpose vehicle. The company is one of many SPAC-related transactions that billionaire Chamath Palihapitiya is involved in.

The stock is up 146% from the week leading up to Tuesday’s close.

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