While these sudden rallies can create lucrative returns for investors in the blink of an eye, the extreme volatility that accompanies them can quickly catch traders offside, leaving them holding the bag as shares plunge back to earth.Īfter opening the week with a 32 per cent gain, Clover Health’s shares jumped by as much as 142 per cent over the next two days.īut, by the close of trading on Thursday (US time), anyone who had bought and held shares after Monday’s pop was now under water. stocks are names like Clover Health Investments Corp., Workhorse Group. “You’re playing with fire.” Barry Schwartz, chief investment officer at Baskin Wealth Management jumped as much as 2,500 per cent in January. “Just because something is shorted doesn’t mean buying it is going to work out for you,” he added. Workhorse Group Inc (NASDAQ:WKHS) rose more than 8 in premarket trading Tuesday as the electric truck maker remains a topic of discussion in the Redditt. Workhorse Group Inc WKHS shares are trading higher by 16.8 at 16.28 Tuesday morning amid continued interest in EV names from retail investors on Reddit. Joining them is ad-tech firm PubMatic, which boasts the highest short interest at 54 per cent, recreational boat retailer MarineMax and biotech company Black Diamond Therapeutics, which has plunged more than 50 per cent over the last month. In spite of Workhorse's still-weak fundamentals, the Quan Technology Fund that I manage in the past few days took profits and covered its WKHS short position, along with its other shorts - Lucid (LCID), MicroVision (MVIS), and Blink Charging (BLNK) that we shorted at much higher price levels in 2021.
Meanwhile, Bumble and Petco Health and Wellness Co., both fresh off initial public offerings this year, find themselves on the outside looking in as part of the few companies on the list that haven’t seen outsized gains over the last month. (For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) Electric vehicle shares drop after Workhorse miss.
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