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

Clover Health Investments, Corp. (NASDAQ:CLOV) 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 trading, an increase of 47% from the average session volume of 4,991,149 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

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

Clover Health Investments Price Performance

The stock’s 50-day simple moving average is $3.39 and its two-hundred day simple moving average is $2.88. The firm has a market capitalization 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 for the quarter, topping the consensus estimate of ($0.03) by $0.01. The company had revenue of $330.99 million during 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) EPS. On average, analysts forecast that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Trading of Clover Health Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Choreo LLC purchased a new stake in Clover Health Investments during the 2nd quarter valued at approximately $344,000. Headlands Technologies LLC purchased a new position in Clover Health Investments during the second quarter valued at $199,000. Vanguard Personalized Indexing Management LLC increased its holdings in Clover Health Investments by 54.4% in 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 purchased a new stake in Clover Health Investments in the 2nd quarter worth $932,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Clover Health Investments during the 2nd quarter valued at about $203,000. 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.