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Redditors gave Wall Street traders an absolute pasting

Wild Card said:
Clover health. Been absolutely walloped recently with shorting and dark pool transactions.
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I think you are being played but not by the people you think you are.
Stinks of the Game scenario where everyone thought they were 'beating the man' but they were being used all along.

On a related note, this is a canny read if you are interested in the health business as Clover Health sounds very similar to Healtheon.
 

RestlessNatives said:
I think you are being played but not by the people you think you are.
Stinks of the Game scenario where everyone thought they were 'beating the man' but they were being used all along.

On a related note, this is a canny read if you are interested in the health business as Clover Health sounds very similar to Healtheon.
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It's well past that trust me, I definitely think there was an element of that at the beginning. People were encouraged to get in following a spike to about 25 dollars per share, it was then short attacked massively, down to as low as 0.60.

I imagine a lot of retail have lost a lot of money.

It was the spike that got the company on my radar. However having a lot at it's long term aims I decided to take a punt.

My break even is about $2. I'm comfortable that it is a risk and money that I might not get that back. I got bored of going for low growth, high dividends, for the amount I invest it just wasn't worth it.

Thank you for the direct warning though, I do appreciate the honesty. Will give the other company scenario a read.
 
Wild Card said:
Another banging earning beat last night coupled with a pledge for a share buy back. Hopefully that puts some pressure on the people shorting it and coves some conference to the holding institutions to buy more.

Their ai now has them at one of the best medical cost ratios and they are preparing for a saas subscription service.

Think it's their now 9th straight earning beat and they are still trading at less than cash in the bank value.
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I think you're overstating the impact of some behind the scenes conspiracy.

It was launched as a SPAC between 2020-2022 (big red flag), has huge cash burn, declining revenues and seem to be looking to issue stock to elongate the cash burn runway they have.

It pains me when I see people doing mental gymnastics to cling on to poor investments that they have overpaid for, refusing to just accept they made a poor buy and flog it.

Honestly not trying to be a dick mate, but we've seen this so much over the past few years. "Just bought this, it's going to fly due to x, y, z. Absolute worst case is it may go down to blah blah price". Then when it absolutely smashes through the floorboards of that 'worst case', the goalposts get shifted, 'shorting' is blamed and people average down and average down until they're just deep in the red, holding the bag... of shit.
 
Longcount said:
I think you're overstating the impact of some behind the scenes conspiracy.

It was launched as a SPAC between 2020-2022 (big red flag), has huge cash burn, declining revenues and seem to be looking to issue stock to elongate the cash burn runway they have.

It pains me when I see people doing mental gymnastics to cling on to poor investments that they have overpaid for, refusing to just accept they made a poor buy and flog it.

Honestly not trying to be a dick mate, but we've seen this so much over the past few years. "Just bought this, it's going to fly due to x, y, z. Absolute worst case is it may go down to blah blah price". Then when it absolutely smashes through the floorboards of that 'worst case', the goalposts get shifted and people average down and average down until they're just deep in the red, holding the bag... of shit.
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I'm aware of all that. The reason for the poor growth recently, was they deliberately stopped taking on new business until they could get their MCR down. As you quite rightly say the cash burn was too high to sustain.

Now that the MCR costs are down they will likely start to look at growth again in the near future.

MCR rates had to be priority as the us government tightened its belt on care payments.

The burn was too high initially, but a lot of the money went on assets that could or would being a return on investments. They have reigned that in now.somewhere and sit relatively debt free.

I'm comfortable at $2 per share, if I had got in after the meme spikes for 25 I think I would be devastated.

It could still fail, but I see it as a long term investment.
 
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Longcount said:
I think you're overstating the impact of some behind the scenes conspiracy.

It was launched as a SPAC between 2020-2022 (big red flag), has huge cash burn, declining revenues and seem to be looking to issue stock to elongate the cash burn runway they have.

It pains me when I see people doing mental gymnastics to cling on to poor investments that they have overpaid for, refusing to just accept they made a poor buy and flog it.

Honestly not trying to be a dick mate, but we've seen this so much over the past few years. "Just bought this, it's going to fly due to x, y, z. Absolute worst case is it may go down to blah blah price". Then when it absolutely smashes through the floorboards of that 'worst case', the goalposts get shifted, 'shorting' is blamed and people average down and average down until they're just deep in the red, holding the bag... of shit.
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You've put it more bluntly that I would have done but I agree.

In this case, yes there isn't a huge market cap premium above net assets but that's because it is burning cash. And it is funding that through issuing stock so you're constantly being diluted. Basically paying for the privilage of running a loss making business.

It is a massive bet on what comes in the future.

On the plus side. It is 15% up in the pre market.
 
Edinburgh Black Cat said:
You've put it more bluntly that I would have done but I agree.

In this case, yes there isn't a huge market cap premium above net assets but that's because it is burning cash. And it is funding that through issuing stock so you're constantly being diluted. Basically paying for the privilage of running a loss making business.

It is a massive bet on what comes in the future.

On the plus side. It is 15% up in the pre market.
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It is a massive bet.

I suspect the 15% will come down once the market opens.
 
Wild Card said:
I'm aware of all that. The reason for the poor growth recently, was they deliberately stopped taking on new business until they could get their MCR down. As you quite rightly say the cash burn was too high to sustain.

Now that the MCR costs are down they will likely start to look at growth again in the near future.

MCR rates had to be priority as the us government tightened its belt on care payments.

The burn was too high initially, but a lot of the money went on assets that could or would being a return on investments. They have reigned that in now.somewhere and sit relatively debt free.

I'm comfortable at $2 per share, if I had got in after the meme spikes for 25 I think I would be devastated.

It could still fail, but I see it as a long term investment.
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And to be fair. You seem to be in a far better position than me to judge what the future holds. On this stock, I have no clue.
 
Geppetto said:
You can thank me for giving you a heads up lads and lasses. Gamestop has surged.
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Tripled in what, a week?

Nowhere near "moass" or anything, but shows there's something going on in the background as otherwise what is causing this? There's been zero news from the company since their financial report a few weeks back where the price dropped afterwards (somehow?)

Its just all over the shop, and nobody is saying why

Lots of rumours of brokers "turning the buy button off" again today though. Which is criminal really.
 
PTR said:
Tripled in what, a week?

Nowhere near "moass" or anything, but shows there's something going on in the background as otherwise what is causing this? There's been zero news from the company since their financial report a few weeks back where the price dropped afterwards (somehow?)

Its just all over the shop, and nobody is saying why

Lots of rumours of brokers "turning the buy button off" again today though. Which is criminal really.
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Yes mate, amazing eh? :lol:

They did today intermittently, you had to call to trade then it said the market had closed :lol: then it was back! Been happening all day.
 
PTR said:
Tripled in what, a week?

Nowhere near "moass" or anything, but shows there's something going on in the background as otherwise what is causing this? There's been zero news from the company since their financial report a few weeks back where the price dropped afterwards (somehow?)

Its just all over the shop, and nobody is saying why

Lots of rumours of brokers "turning the buy button off" again today though. Which is criminal really.
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Aye it's been stopped multiple times today on 212 and others
 
Geppetto said:
Yes mate, amazing eh? :lol:

They did today intermittently, you had to call to trade then it said the market had closed :lol: then it was back! Been happening all day.
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The actual market itself had multiple halts, that's standard if you go up or down a certain amount in a certain time. But some of the "shit bag" brokers were literally just refusing to accept orders again. There's videos on reddit from people trying it.

Still clinging to $30 today. My last buys were at 10. Doesn't matter though, not until its got more zeros in the number!!
So pre-market is up 100%. Currently trading just under $60 with 60 minutes until the market opens.

Just extracted all my puchase data. Since I started to try to play the market a little, I've averaged buys at $14 and sales at $20. Not a bad win for an idiot like me.
I'm about 100% up overall right now. Might cash in a few more in a sec to bring my post 2023 view into actual profit.
 
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CarbonGerman said:
Just bought another 50 shares of GME. Been making a killing day trading last week and this week just timing buying the dips well
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Its been all over the shop this week hasn't it.

From $30 to $80 if you include after hours trading. Back in the 35 range today. Lots of talk about LEAPS on reddit, as its a certain number of months since the original spike, seems all the LEAPS were expiring and needing to be reset, causing chaos.
More can kicking, basically.

I did try to cash out some shares at $65 the other day, but it opened at $64.70 then fell, which was a bit of a bugger :lol:
 
PTR said:
Its been all over the shop this week hasn't it.

From $30 to $80 if you include after hours trading. Back in the 35 range today. Lots of talk about LEAPS on reddit, as its a certain number of months since the original spike, seems all the LEAPS were expiring and needing to be reset, causing chaos.
More can kicking, basically.

I did try to cash out some shares at $65 the other day, but it opened at $64.70 then fell, which was a bit of a bugger :lol:
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Same for me, non stop halts and when i finally managed to cash out it had went from 60 to below 50
 
CarbonGerman said:
Same for me, non stop halts and when i finally managed to cash out it had went from 60 to below 50
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Don't get me wrong, I'm not cashing out.
This happens every few months, and for the last 2 years I've bought some extra shares that I buy when cheap, then sell when high, then buy more than I started with next time they are cheap again.

Price is back around 30 now. So where it was before this "panic" kicked in the other day.
No doubt its being shorted to absolute buggery again - but all the Delivers will be due early next week, which could cause problems again. I think there's a massive options volume ITM on Monday ish too.
 
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PTR said:
Don't get me wrong, I'm not cashing out.
This happens every few months, and for the last 2 years I've bought some extra shares that I buy when cheap, then sell when high, then buy more than I started with next time they are cheap again.

Price is back around 30 now. So where it was before this "panic" kicked in the other day.
No doubt its being shorted to absolute buggery again - but all the Delivers will be due early next week, which could cause problems again. I think there's a massive options volume ITM on Monday ish too.
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Yeah I'm holding for a while too, got no choice buying back in at 30. Hoping the options traders exercise their calls and put the pressure on the hedge funds. I don't think it'll squeeze like it theoretically could to astronomical numbers but I think it's possible we'll reach an ATH in the next month or so
 
hahaha
One of the same people who lost a fortune shorting GameStop the first time around announced they had taken a new short position in the very same stock last week.
Since then the stock is up about 250% :lol:

Currently at $46 (remember, the stock 4-1 split a while back, so is the same as $184)
And CatMan seems to have about 100m share options at $20 each, so he can absolutely blow this thing to pieces if it keeps going this way.

Interesting couple of weeks coming. Most likely yet more horrific disappointment, but you never know eh!
 
PTR said:
hahaha
One of the same people who lost a fortune shorting GameStop the first time around announced they had taken a new short position in the very same stock last week.
Since then the stock is up about 250% :lol:

Currently at $46 (remember, the stock 4-1 split a while back, so is the same as $184)
And CatMan seems to have about 100m share options at $20 each, so he can absolutely blow this thing to pieces if it keeps going this way.

Interesting couple of weeks coming. Most likely yet more horrific disappointment, but you never know eh!
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Aye it's certainly really interesting to watch like.
Mental how he bought £53k of shares and he has about £200m quid now 🙈🙈😂😂
 
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