Clover Health Investments Corp. CLOV and ContextLogic Inc. WISH have emerged as the most mentioned stocks on Reddit’s r/WallStreetBets forum even as earlier WSB-favorites like AMC Entertainment Holdings Inc. AMC and GameStop Corp. GME lag.
What Happened: Clover Health, which operates as a Medicare Advantage insurer, attracted 5,195 mentions on the investor forum during the last 24 hours at press time, data from Quiver Quantitative showed.
ContextLogic, an e-commerce platform company, has emerged as the second-most discussed stock with 3,543 mentions, while BlackBerry Limited BB was in third place with 3,227 mentions.
GameStop, Clean Energy Fuels Corp. CLNE and AMC Entertainment attracted 2,444, 2,092 and 1,751 mentions, respectively.
Wendy’s Company WEN is the seventh-most discussed stock on the forum, with 1,293 mentions. One post on the Reddit forum noted that the burger chain had a great financial quarter and its Twitter posts have a “reputation for meming.”
Why It Matters: The Quiver Quantitative data shows that Clover Health and ContextLogic have now emerged as the most favorite stonks - stocks that are favored by retail investors.
Clover Health, which is backed by SPAC King Chamath Palihapitiya, joined the list of top trending stocks on WallStreetBets in April amid surging short interest. The health-tech company has a short interest of 36.10% of the total float of 112.06 million shares, according to highshortinterest.com, a website that tracks stocks with short interest of over 20%.
ContextLogic is seeing increased interest as retail traders discuss price targets well above current levels and see the company as the target of a potential short squeeze.
Price Action: Clover Health’s shares surged almost 86% in Tuesday’s regular trading session at $22.15 and further gained almost 7.5% in the after-hours trading to $23.80. ContextLogic shares gained almost 50% in the regular trading session at $11.63 and further gained almost 30% in the after-hours session to $15.10.
Wendy’s shares gained almost 26% in the regular trading session at $28.87 and further rose almost 5% in the after-hours session to $30.25.
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