Clover Health Investments (NASDAQ:CLOV) Shares Gap Up to $1.03

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $1.03, but opened at $1.15. Clover Health Investments shares last traded at $1.29, with a volume of 4,930,241 shares trading hands.

Clover Health Investments Stock Up 21.4 %

The stock has a market capitalization of $620.55 million, a price-to-earnings ratio of -3.68 and a beta of 2.09. The firm has a 50-day moving average of $0.90 and a two-hundred day moving average of $0.90.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. The firm had revenue of $346.92 million for the quarter, compared to analyst estimates of $316.10 million. Clover Health Investments had a negative return on equity of 48.07% and a negative net margin of 8.63%. As a group, sell-side analysts predict that Clover Health Investments, Corp. will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CLOV. Jupiter Asset Management Ltd. increased its position in Clover Health Investments by 18.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock worth $3,593,000 after purchasing an additional 692,878 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Clover Health Investments by 4,040.8% during the 3rd quarter. Citigroup Inc. now owns 372,421 shares of the company’s stock valued at $402,000 after acquiring an additional 363,427 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Clover Health Investments during the 1st quarter valued at about $142,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Clover Health Investments during the 4th quarter valued at about $162,000. Finally, Jump Financial LLC acquired a new position in shares of Clover Health Investments during the 4th quarter valued at about $125,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.