Clover Health (NASDAQ:CLOV) stock is falling on Thursday after meme stock was pushed higher earlier this week thanks to a Reddit rally.
CLOV stock has been a favorite among meme and retail traders lately. Meme traders love to short squeeze stocks and hold them to force out hedge funds. Retail traders enjoy pumping up stocks for profits before letting them fall.
Clover Health is a perfect target for these types of traders thanks to its penny stock status. The low entry price makes it easy to buy up large sums of shares. That benefits meme traders looking to punish hedge funds and retail traders wanting to manipulate the price.
With CLOV stock now falling, let’s take a look at what traders on Reddit have to say about it.
CLOV Stock: Reddit Weighs In
“Last time I bought CLOV at 10$ and sold with 100% gain, and now its sub 9$?? Im in.” — nrksrs
“Finally CLOV is #2 again. Lets go back to $15 before my wife finds the shit i have done.” — lightninfast
“The simple fact that CLOV isn’t $27/share right now is just free money as low as it is right now.” — DaSunnyDrizzle
“Ha look at these stupid fucking CLOV idiots. I said with zero sense of irony while grabbing a few more SOFI 16.5c for end of August.” — xjayroox
“For those of you waiting to get into CLOV, $8.55 is ideally what you want it to bounce off and it looks like it just did. If it breaks below that today, it’s probably not ready to reverse the downtrend and it might see $7.66 again by EOM. 9/17 10c’s look pretty safe imo.” — drewbieVS
CLOV stock was down 3.3% as of Thursday morning.
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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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed