Clover Health CLOV, a Medicare-backed insurance start-up, had a wild day of trading on Tuesday. CLOV skyrocketed over 100% at one point this morning, and closed up about 86% to $22.15 per share. According to FactSet data, more than 720 million shares changed hands by the closing bell.
A short squeeze looks to be in play for CLOV, just like we saw with other meme stocks AMC AMC and GameStop GME. The stock is one of the most shorted stocks across U.S. exchanges, and as of today, 43.5% of its float shares are sold short.
CLOV went public via venture capitalist Chamath Palihapitiya’s SPAC in October 2020, and is currently a Zacks Rank #4 (Sell).
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