Clover Health Investments (NASDAQ:CLOV) Trading 4.4% Higher – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price shot up 4.4% during trading on Monday . The stock traded as high as $3.94 and last traded at $3.80. 2,532,523 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 5,176,259 shares. The stock had previously closed at $3.64.

Wall Street Analysts Forecast Growth

CLOV has been the topic of a number of recent research reports. Craig Hallum started coverage on Clover Health Investments in a research report on Tuesday, December 17th. They set a “buy” rating and a $6.00 price objective on the stock. UBS Group began coverage on Clover Health Investments in a report on Monday, October 7th. They issued a “neutral” rating and a $4.00 price objective on the stock.

Clover Health Investments Stock Performance

The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -18.90 and a beta of 1.95. The company has a 50-day moving average of $3.37 and a 200-day moving average of $2.93.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. The firm had revenue of $330.99 million for the quarter, compared to analyst estimates of $347.60 million. During the same period last year, the firm posted ($0.09) EPS. As a group, equities research analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Clover Health Investments by 21.9% in the third quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after acquiring an additional 868,501 shares in the last quarter. State Street Corp raised its position in Clover Health Investments by 65.0% in the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after acquiring an additional 862,621 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Clover Health Investments during the 2nd quarter worth $932,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Clover Health Investments by 75.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock valued at $3,181,000 after acquiring an additional 485,987 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Clover Health Investments in the third quarter valued at about $1,228,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.