Beachbody Joins Clover Health, AMC, Cleveland-Cliffs As Top WallStreetBets Interest Amid Stock Surge

Beachbody Company Inc. BODY has joined Clover Health Investments Corp. CLOV, Cleveland-Cliffs Inc. CLF and AMC Entertainment Holdings Inc. AMC as the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum, while SPDR S&P 500 ETF Trust SPY remained the most-discussed stock on the forum, as of Thursday night.

What Happened: Exchange-traded fund SPDR S& 500 ETF is seeing the highest interest on the forum with 658 mentions, followed by medical insurance technology company Clover Health with 422 mentions during the last 24 hours, data from Quiver Quantitative showed.

Steelmaker Cleveland-Cliffs and movie theatre chain AMC Entertainment both attracted 175 mentions each.

Apart from Beachbody, the other stocks that are trending on the forum include chipmaker Advanced Micro Devices Inc. AMD, graphics chipmaker Nvidia Corp. NVDA, electric vehicle maker Tesla Inc. TSLA, video game retailer GameStop Corp. GME and tech giant Apple Inc. AAPL.

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Why It Matters: Clover Health continues to see high interest from retail investors as 31.9% of its shares are held short. The company said Thursday it will redeem all of its outstanding warrants to buy its common stock under a warrant agreement it entered into in April as part of the units sold in its initial public offering.

Digital fitness and nutrition subscription company Beachbody, which went public in June through a SPAC merger, is seeing high interest from Reddit investors after its shares surged on Thursday despite the absence of any company-specific news.

A post on the WSB forum highlighted why Beachbody is a “deep value play” to trade alongside Peloton Interactive Inc. PTON.

Shares of Cleveland-Cliffs declined in Thursday’s regular trading session after the company reported second-quarter earnings and revenue that missed analysts’ estimates.

Price Action: SPDR S&P 500 ETF Trust shares closed 0.2% higher in Thursday's regular trading session at $435.46 and further rose another 0.2% in the after-hours session to $436.50.

Clover Health shares closed 2.9% lower in the regular trading session at $8.62.

Cleveland-Cliffs shares closed 0.5% lower in the regular trading session at $21.07 but rose 0.6% in the after-hours session to $21.20.

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