Clover Health shares climbed more than 32 percent June 7 after retail traders on Reddit targeted the stock, according to The Wall Street Journal.
Clover Health is being bought and sold at more than $15 a share, about double its value of $7.64 at the end of May, according to the Journal. During premarket trading June 8, the stock was up another 30 percent from the day prior. Additionally, 125 million shares were traded June 8, which is almost an eightfold increase from June 4, according to the Journal.
Some Reddit users are likening Clover's gains to AMC and GameStop. One user wrote June 8 that for those "who missed on $GME! Listen up, $CLOV is ready to lift off!" according to the report. Still, shares of AMC and GameStop are up nearly 2,500 percent and 1,400 percent, respectively, while Clover is down 29 percent this year.
Clover is also facing allegations from Hindenburg Research that the company misled investors, though Clover's management disputed the report, according to the Journal.