We put 6 more meme stocks’ numbers to the test and the differences are telling

The world of meme stocks is changing every day as traders communicating through Reddit’s WallStreetBets channel and other social media set their sights on new targets for short squeezes or find other downtrodden companies to bid up in price.

“Covering” a short position is when you buy back the shares to return them to the investor who lent them to you. You are hoping to cover at a lower price than you sold the shares for, to make a profit. Palantir’s stock was up 3% for 2021 through June 9, but its market cap had increased by 26% because the company had been raising cash by selling additional shares to investors. The company’s following as a meme stock seems to spring more from its growth prospects than from short interest, which peaked at 8.5% of shares available for sale, according to FactSet.

Clover is the most heavily shorted stock on the list. Brad Lamensdorf, CEO of ActiveAlts in Westport, Conn., who runs long and short investment strategies, said previously that a short percentage “over 30% to 40% is outrageously high.” Clean Energy Fuels Corp. CLNE, -1.73% provides natural gas for use as an alternative to gasoline or diesel for fleets of vehicles. The stock is 6.58% sold-short, but has had a good run this year as the energy sector has recovered.

Clover was incorporated on Oct. 18, 2019. It hasn’t yet reported annual revenue. For the first quarter, the company reported $200.3 million in sales, up from $165.5 million in the first quarter of 2020. Clover merged with Social Capital Hedosophia Holdings Corp. III on Jan. 7.

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