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OFFON

CLOVER HEALTH INVESTMENTS, CORP.

(CLOV)
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Meme stocks soar in late day trading surge, short sellers knocked

08/24/2021 | 06:59pm EST
A GameStop Inc. store is shown in Encinitas, California

NEW YORK (Reuters) - Shares of several retail trading darlings, including AMC Entertainment and GameStop, surged in heavy volume late on Tuesday, on no apparent news, dealing over $1 billion in losses to short sellers.

While broad market indexes rose modestly on Tuesday, with the Nasdaq up 0.5% and the S&P 500 0.1% higher, several of the "meme stocks" notched big gains.

GameStop shares jumped 27.53%, AMC shares climbed 20.3%, Clover Health Investments rose 9.9%, Koss Corp rose 4.4%, Robinhood Markets climbed 9.0% and ContextLogic rose 6.4%.

"When you get a move that big it almost makes you think there is some big hedge fund or something out there that decided to do some trades," said Randy Frederick, managing director of trading and derivatives at Schwab Center for Financial Research.

Frederick, however, said he had seen little in the way of news to spur the large share price moves on Tuesday.

The jump in the share price on Tuesday also dealt large losses to investors with bearish bets on some of these stocks, according to analytics company ORTEX.

"Heavily shorted stocks have, for the last month, been less volatile than earlier this year. Today we saw an end to this," said Ortex co-founder Peter Hillerberg.

The share price gains in AMC and GameStop generated losses for close to $1 billion for short sellers, Hillerberg said.

Short sellers aim to profit by selling borrowed shares, hoping to buy them back later at a lower price.

Several of these stocks also drew higher-than-usual trading volume in the options market on Tuesday, as traders jockeyed to either take advantage of the rallying prices or moved to cover positions that were under water.

For instance, GameStop options trading volume was at 407,000 contracts, or about six times its recent average daily trading volume, according to data from options analytics firm Trade Alert. AMC options volume came in at 1.6 million contracts, nearly three times its daily average, making it the most active single stock name in the options market on Tuesday, Trade Alert data showed.

While the retail trading frenzy that had taken Wall Street by storm earlier this year has subsided somewhat in recent months, the periodic wild moves in the share prices has kept investors on their toes, analysts said.

"Options prices are implying that this is not going away any time soon," said Brian Overby, senior options analyst at Ally Invest.

(Reporting by Saqib Iqbal Ahmed; Editing by Lisa Shumaker)

By Saqib Iqbal Ahmed


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CLOVER HEALTH INVESTMENTS, CORP. 0.67% 4.5 Delayed Quote.-73.17%
CONTEXTLOGIC INC. 0.30% 3.36 Delayed Quote.-81.63%
KOSS CORPORATION 0.91% 13.35 Delayed Quote.284.59%
ROBINHOOD MARKETS, INC. 1.13% 24.2 Delayed Quote.0.00%
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More news
Analyst Recommendations on CLOVER HEALTH INVESTMENTS, CORP.
More recommendations
Financials (USD)
Sales 2021 1 448 M - -
Net income 2021 -468 M - -
Net cash 2021 79,2 M - -
P/E ratio 2021 -3,73x
Yield 2021 -
Capitalization 2 128 M 2 128 M -
EV / Sales 2021 1,41x
EV / Sales 2022 0,71x
Nbr of Employees 458
Free-Float 62,8%
Chart CLOVER HEALTH INVESTMENTS, CORP.
Duration : Period :
Clover Health Investments, Corp. Technical Analysis Chart | CLOV | US18914F1030 | MarketScreener
Technical analysis trends CLOVER HEALTH INVESTMENTS, CORP.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 4,50 $
Average target price 8,20 $
Spread / Average Target 82,2%
EPS Revisions
Managers and Directors
Vivek Garipalli Chief Executive Officer & Director
Andrew Toy President, Director & Chief Technology Officer
Mark C. Herbers Chief Financial & Accounting Officer
Sophia Chang Chief Clinical Informatics Officer
Kumar Dharmarajan Chief Scientific Officer
Sector and Competitors
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