Clover Health Investments (CLOV) Stock Sees Relief Rally: But Will It Sustain?

Clover Health Investments Corp (NASDAQ: CLOV) stock is one of the biggest stock gainers in the late morning session. The stock is up as high as 36% and now trading at the highest point of the day at $9.75.

There seems to be no news for such a fast move, but we should know that even after today’s 36% jump the stock is still down 45% from its 52-week high of $17.45 (made in February). But, still, today’s rally could be termed as a relief rally for investors.

Earlier this week, S3 Partners, an analytics firm that specializes in reporting market data, stated that the stock has a high short percent of a float of 144.73%. Earlier this year, we have seen a lot of stocks went up huge because of high short floating shares like GameStop Corp. (NYSE: GME). Importantly, CLOV stock has regained above its 50-Day moving average of $9.18, while it’s trading below the 200-Day moving average of $10.98. Keep an eye on CLOV stock for the rest of the day as the momentum is strong so far.

Michael Rowels

Weekend Contributor.Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/zjrlrgmy/public_html/wp-includes/functions.php on line 5107