Here's Why Clover Health Stock Soared Today
Shares of Clover Health Investments (NASDAQ: CLOV) surged Friday on talk of a possible short squeeze. By the close of trading, the Medicare Advantage plan provider's stock price was up 20% after rising as much as 36% earlier in the day.
Billionaire investor Chamath Palihapitiya helped take Clover Health public in January through a special purpose acquisition company (SPAC). Palihapitiya has called the healthcare technology company "the greatest growth opportunity" he's ever seen.
Yet in February, noted short-seller Hindenburg Research accused Clover Health of using misleading marketing practices and failing to disclose a federal investigation. Its shares went on to lose nearly half their value following Hindenburg's report.
Source Fool.com
