Clover Health Investments (NASDAQ:CLOV) Shares Up 8% – Here’s Why

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

Wall Street Analyst Weigh In

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

Clover Health Investments Trading Up 1.1 %

The stock’s 50 day moving average is $3.39 and its 200-day moving average is $2.88. The company has a market cap of $1.82 billion, a P/E ratio of -18.20 and a beta of 1.95.

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

Institutional Trading of Clover Health Investments

A number of institutional investors and hedge funds have recently modified their holdings of CLOV. Silverleafe Capital Partners LLC increased its holdings in Clover Health Investments by 182.9% in the 4th quarter. Silverleafe Capital Partners LLC now owns 45,000 shares of the company’s stock worth $142,000 after buying an additional 29,091 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Clover Health Investments during the 3rd quarter valued at about $448,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Clover Health Investments in the third quarter worth approximately $105,000. Virtu Financial LLC raised its holdings in shares of Clover Health Investments by 344.5% during the third quarter. Virtu Financial LLC now owns 58,518 shares of the company’s stock valued at $165,000 after purchasing an additional 45,354 shares during the last quarter. Finally, Barclays PLC bought a new position in Clover Health Investments during the third quarter valued at approximately $298,000. Institutional investors 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.