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CLOV caught Redditors’ attention in early June, fostering a short squeeze to reach its record high within a week.. However, the Reddit-fueled run-up for this meme stock did not last long due to its weak fundamentals. CLOV shares are down substantially from their June high. The stock is currently trading below its 50-day and 200-day moving averages and near its 52-week low.
The stock’s price slumped after the company announced its issuance of an additional $300 million of common stock, diluting the holdings of existing shareholders. On November 23, CLOV closed a public offering of shares of its Class A Common Stock. The company expects to use the offering’s net proceeds for working capital and general corporate purposes.
