5 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into

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In this article, we discuss the 5 Reddit’s WallStreetBets meme stocks hedge funds are piling into. If you want to read our detailed analysis of these stocks, go directly to the 10 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into.

5. Clover Health Investments, Corp. (NASDAQ: CLOV)

Number of Hedge Fund Holders: 23     

Clover Health Investments, Corp. (NASDAQ: CLOV) stock has returned 15% to investors in the past three months. It is ranked fifth on our list of 10 Reddit’s WallStreetBets meme stocks hedge funds are piling into. The company operates as a health insurer. On May 18, investment advisory Citi maintained a Buy rating on the stock but lowered the price target to $10 from $13. Ralph Giacobbe, an analyst at the firm, said in a note to investors that higher cost and lower guidance were weighing on the stock.

On June 24, Clover Health Investments, Corp. (NASDAQ: CLOV) announced that it would be expanding insurance plans across nine states and more than 200 new counties in a bid to focus on underserved communities. The share price of the firm soared 8% after the announcement. 

Out of the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm Greenoaks Capital is a leading shareholder in Clover Health Investments, Corp. (NASDAQ: CLOV) with 96.3 million shares worth more than $728 million.  

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