New Reddit darling Clover Health stock surges
Insurer rallies 74% in New York trading in second day of wild gains
08 June 2021 - 22:12
Clover Health, a health insurer backed by venture capitalist Chamath Palihapitiya, posted a second day of wild gains that appear to be driven by retail investors determined to punish short-sellers betting against it.
Clover rallied 74% in New York trading after briefly doubling. The gains erased five months of losses in the stock — which formed part of a broader sell-off in Palihapitiya-backed companies — in just two days. Trading volume in Clover was more than 25 times the three-month daily average on Tuesday, with a record 618-million shares changing hands...
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