The forum also pushed shares in Wendy's fast food joint up 26 percent Tuesday, at $28.87, after individual traders snapped up shares in a buying frenzy. The two companies are the latest 'meme stocks' to capture the imagination of amateur investors following the recent rallies in GameStop and AMC. Shorts have been building their position in Clover Health as its stock price has been rallying, Dusaniwsky said. The person also tied Wendy's into the prior 'meme stock' frenzy in GameStop shares, noting that the two companies had interacted with jokes on Twitter. The 'meme stock' phenomenon has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.

Source: The Nation June 09, 2021 00:00 UTC