Clover Health (NASDAQ:CLOV) stock is getting a boost today as Reddit traders target it as their next big short-squeeze.
Redditors love to short-squeeze stocks and several accounts on Twitter (NYSE:TWTR) are promoting CLOV stock as a massive target. TickerMoney is promoting the squeeze by saying that there are no longer any shares to short. The account, which has around 1,500 followers on the social media platform, says “NOW STARTS THE REAL #SQUEEZE?”
$CLOV HAS ZERO SHARES TO SHORT!
IBORROWRATE HASN'T UPDATED ITS FEE. (YET, wait for it, its coming, and eye popping)
— Ticker Money ☘ (@TickerMoney) June 8, 2021
Another Twitter account with a large reach call for a short-squeeze is WSB_Degenerate with its roughly 1,100 followers. The account tells its followers that it can’t believe shorts are still buying. They also say “Move over $GME, we have a better squeeze setup here.”
$CLOV almost cannot believe my eyes (pulled just now)
Short sellers are fucking adding
What in the hell are these criminals thinking?
— Buy The F*cking Dip (@WSB_Degenerate) June 8, 2021
It looks like Redditors and social media traders are taking this advice to heart. CLOV stock is seeing incredibly heavy trading today. As of this writing, more than 500 million shares of the stock have changed hands. That’s a massive jump compared to its daily average trading volume of 24.4 million shares.
All of the extra attention on CLOV stock today also brings up the naked shorting issue that came about yesterday. This is basically what happens when hedge funds continue to short shares even when there’s not enough to do so. The practice is illegal and got brought up alongside AMC Entertainment (NYSE:AMC). You can learn all about it at this link.
CLOV stock was up 81.2% as of Tuesday morning and is up 39.2% since the start of the year.
There’s plenty of other stock market news for investors to check out after the break.
We’re seeing lots of movement from meme stocks today, as well as other shares that are on the rise. Our coverage includes the latest news from CarLotz (NASDAQ:LOTZ), Wendy’s (NASDAQ:WEN), and Amazon (NASDAQ:AMZN). You can find all of that info at the following links.
More Stock Market News for Tuesday
- LOTZ Stock: 8 Things for Investors to Know About CarLotz as Shares Zoom Higher
- WEN Stock: 13 Things to Know About Wendy’s as It Becomes ‘Meme Stock of the Day’
- Bezos and Blockchain: What to Know About the Latest Amazon Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.