(Bloomberg) -- A group of retail-trader favorites is trading lower after AMC Entertainment Holdings Inc. and Clover Health Investments Corp. slumped on quarterly results that renewed Wall Street’s skepticism over their valuations.

The movie-theater chain slips as much as 11%, the most since September, as analysts voiced caution over the company’s more than $21 billion valuation despite an earnings beat. Clover Health, a health-insurer backed by venture capitalist Chamath Palihapitiya, dropped as analysts at Cowen said the quality of its earnings “remains challenging.”

The underwhelming results pushed a basket of 37 so-called meme stocks tracked by Bloomberg to fall as much as 3.8% before trimming losses to 2.6% at 10:38 a.m. in New York. The group had been red-hot lately as meme mania retook Wall Street, rising 13% to start the month through Monday’s close.

AMC Entertainment remains the top performing retail-trader favorite this year, rising more than 1,800%, alongside the original meme stock GameStop Corp., which has climbed 1,040%.

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