- The stock price of Clover Health Investments (NASDAQ: CLOV) increased by 20.41%. This is why it happened.
The stock price of Clover Health Investments (NASDAQ: CLOV) increased by 20.41%. Investors appear to be responding to Clover Health being included in The Centers for Medicare & Medicaid Services announcing that 53 organizations are participating in Performance Year 2021 (PY2021) of the Global and Professional Direct Contracting (GPDC) Model, which starts April 1, 2021. And the DCEs will serve Medicare fee for service beneficiaries in 38 states as well as in the District of Columbia and Puerto Rico.
This news fueled a large number of investors on social media platforms to fuel a squeeze on short-sellers. The company has about an 87 million share float and over 30% of that amount was shorted according to Finviz.
One of the biggest reasons why there is a high short float is due to a comprehensive report by short-seller Hindenburg Research, which was published in February.
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