Clover Health Investments (NASDAQ:CLOV) Trading 8% Higher – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded up 8% during mid-day trading on Tuesday . The stock traded as high as $3.68 and last traded at $3.65. 7,345,603 shares traded hands during mid-day trading, an increase of 47% from the average session volume of 4,991,149 shares. The stock had previously closed at $3.38.

Wall Street Analyst Weigh In

A number of research firms recently commented on CLOV. UBS Group started coverage on Clover Health Investments in a research note on Monday, October 7th. They set a “neutral” rating and a $4.00 price objective on the stock. Craig Hallum assumed coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They set a “buy” rating and a $6.00 price target for the company.

Clover Health Investments Stock Up 6.8 %

The company has a 50 day moving average of $3.41 and a 200 day moving average of $2.86. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -18.05 and a beta of 1.95.

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

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently modified their holdings of the stock. Choreo LLC acquired a new position in shares of Clover Health Investments in the second quarter worth about $344,000. Headlands Technologies LLC bought a new stake in shares of Clover Health Investments in the second quarter worth $199,000. Vanguard Personalized Indexing Management LLC boosted its stake in Clover Health Investments by 54.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company’s stock valued at $42,000 after acquiring an additional 12,104 shares during the last quarter. XTX Topco Ltd acquired a new position in Clover Health Investments during the 2nd quarter worth $932,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Clover Health Investments in the 2nd quarter worth about $203,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

About Clover Health Investments

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.