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Clover Health Roars to Record as Short Sellers Get Burned

Reuters

Clover Health soars as ‘meme stock’ rally expands

Medicare-backed insurance seller Clover was among the most shorted stocks across U.S. exchanges, with Clover being the target of a report by short seller Hindenburg in February, which took a position in the company. “The WallStreetBets forum (on Reddit) has identified (stocks with) over 30% short interests,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York. The “meme stock” phenomenon, which began with video game retailer GameStop Corp in January and spread to cinema operator AMC Entertainment Holdings Inc in May, has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.

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