Shares of GameStop Corp fell 7% and Clover Health Investments Corp jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms.

Videogame retailer GameStop on Wednesday named the head of Amazon.com Inc's Australian business as its chief executive officer and said it may sell new shares after it reported quarterly results that were stronger than analysts expected. 

GameStop's shares were trading at around $281 premarket after closing Wednesday at $302.56, near levels hit in January when a Reddit-driven frenzy sent its stock up 1,600%. 

"This latest chapter of the meme stock mania seems very much to be the typical pump and dump trade," said Edward Moya, a senior market analyst at OANDA, identifying e-commerce company ContextLogic Inc WISH.O and Clean Energy Fuels Corp as the new targets of retail traders.

Shares of the two companies were up 5.8% and 4.2%, respectively.

"This frenzy will likely remain a viable option for some traders if the S&P 500 index provides lackluster moves and continues to hover around record highs," Moya added.

Shares of cinema operator AMC Entertainment Holdings Inc were down 4.1%, while prison operator Geo Group Inc , the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday.

The rally in heavily shorted U.S. stocks, which has also lifted shares of Medicare-backed insurance seller Clover and AMC, has drawn the attention of the U.S. Securities and Exchange Commission (SEC).

GameStop said on Wednesday the SEC had requested documents and information related to an investigation into that trading.

Clover, which had a short interest of 43.5% of free float as of Tuesday, was up 6.4% at around $18.01 before the bell. It ended Wednesday at $16.92 after hitting a record high of $28.85 during the session.

In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price. 

(Reporting by Aaron Saldanha and Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta) ((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))