In the latest sign a weeks-long trading frenzy could be reaching a boiling point, shares of Clover Health skyrocketed to a new record high Wednesday and then crashed into negative territory for the day as Reddit traders pile into a growing swath of so-called meme stocks.... [+]Clover shares skyrocketed 26% at Wednesday's market open after surging 86% Tuesday, pushing the stock's three-day gain to more than 200% before reversing to a loss of as much as 10% on the session by 10:30 a.m.
The stock's increased volatility coincides with increasingly bearish bets against it, with short interest indicating that nearly half of shares available to trade are held by investors who can only make money if the stock's price falls, according to financial data platform Ortex, far more than the short interest in the leading meme stocks AMC and GameStop.
The stock headlined the r/WallStreetBets board's most popular tickers Wednesday, alongside fresh Reddit target Clean Energy Fuels, which was up 27%, and meme-stock staple BlackBerry, which was off 6%. The board also featured formerly bankrupt Twinkie-maker Hostess Brands, which climbed to a four-year high Wednesday, and fast-food giant Wendy's, which led a Tuesday rally but is now sinking 10%.
As Reddit traders have shifted focus to new meme stocks, shares of AMC and GameStop have held onto staggering gains of 1,700% and 2,500% this year, respectively.Now in its third week, the latest wave of frenzied retail trading has confounded experts who are increasingly unsure how long it could last.
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