Clover Health (CLOV.Q), a previous favourite of r/WallStreetBets, announced it is enhancing its current over-the-counter (OTC) benefit to include groceries.
Clover members who meet certain criteria, like having an underlying health condition, such as cancer, chronic kidney disease, or hypertension, will qualify for the grocery delivery. Members will receive up to $125 in a quarterly stipend which can be used to purchase grocery items, or OTC items, at many major retailers, local supermarkets, and regional chains.
Clover is a health insurance company targeted at seniors. Their main product is the Clover Assistant, which aggregates patient data from across the health ecosystem with the aim of providing physicians with personalized recommendations for patients at the point of care.
“About 80% of Clover members have an underlying health condition, which means basic food access is vital to maintaining their physical and mental health. The inspiration for a grocery stipend stems from the countless empty fridges our nurses encounter when checking on our members in their homes. This benefit isn’t just about improving nutrition––we’re addressing food insecurity in its truest form; where people often have to make a hard choice between buying food, filling their prescriptions, or paying their utility bills,” said Vivek Garipalli, Clover’s Chief Executive Officer.
Okay, but what does this have to do with r/WallSteetBets?
CLOV was once a favourite of the apes over at the popular subreddit, with self-dubbed ‘Clovtards’ proselytizing the wonders of Clover Health. It was such a popular stock it was regularly making it onto the ‘Daily Popular Tickers Thread’ pinned to the top of the subreddit, alongside well-known meme stocks such as the almighty GameStop and ape favourite AMC.
And you said this is a health insurance company? Why would anyone on WSB give a shit?
Clover is not what most people would consider ‘meme worthy’, and unlike, say CLNE, it doesn’t have anything like the ‘cow farts’ meme factor. But after successful short squeezes on GME and AMC, the apes were on the lookout for the next chance to show that apes together strong!
For a while it looked like CLOV was heading to the moon, but then…
So it looks like WallStreetBets interest is just not there for CLOV anymore. If they want to get their share price back up to $28, they are going to need to offer a plan that gives 23 year olds tendies instead of giving seniors groceries.
That being said, CLOV is up 17 cents today without the apes getting excited and is trading at $8.43.