Clover Health Investments (NASDAQ:CLOV) Trading 5.5% Higher – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded up 5.5% on Monday . The stock traded as high as $1.84 and last traded at $1.8140. 1,039,795 shares were traded during trading, a decline of 82% from the average session volume of 5,868,832 shares. The stock had previously closed at $1.72.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a research report on Friday, March 20th. Leerink Partners reduced their price objective on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, March 5th. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.90.

Clover Health Investments Price Performance

The firm’s fifty day simple moving average is $1.99 and its 200 day simple moving average is $2.46. The company has a market capitalization of $996.87 million, a price-to-earnings ratio of -11.18 and a beta of 2.24.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%.The firm had revenue of $487.71 million during the quarter, compared to analyst estimates of $467.06 million. Equities research analysts forecast that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total value of $379,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,998,584 shares in the company, valued at $4,336,927.28. This trade represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 24.07% of the stock is currently owned by insiders.

Institutional Trading of Clover Health Investments

Hedge funds have recently made changes to their positions in the stock. Abel Hall LLC purchased a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $27,000. Allworth Financial LP lifted its position in shares of Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after purchasing an additional 6,527 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $29,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $29,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments in the second quarter worth approximately $31,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

About Clover Health Investments

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.