Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up prior to trading on Friday . The stock had previously closed at $4.00, but opened at $4.22. Clover Health Investments shares last traded at $3.87, with a volume of 4,549,871 shares traded.

Clover Health Investments Stock Performance

The company’s 50-day moving average price is $2.65 and its 200 day moving average price is $1.58. The stock has a market capitalization of $1.95 billion, a PE ratio of -11.38 and a beta of 2.13.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Monday, August 5th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.05. The firm had revenue of $356.26 million for the quarter, compared to analysts’ expectations of $338.70 million. Clover Health Investments had a negative net margin of 7.30% and a negative return on equity of 36.55%. During the same quarter in the previous year, the business posted ($0.06) EPS. Analysts expect that Clover Health Investments, Corp. will post -0.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLOV. Jupiter Asset Management Ltd. lifted its stake in shares of Clover Health Investments by 18.1% in the first quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock worth $3,593,000 after buying an additional 692,878 shares in the last quarter. XTX Topco Ltd purchased a new position in Clover Health Investments in the 2nd quarter worth approximately $932,000. AQR Capital Management LLC lifted its position in Clover Health Investments by 4.6% in the 2nd quarter. AQR Capital Management LLC now owns 729,706 shares of the company’s stock valued at $898,000 after acquiring an additional 32,288 shares in the last quarter. Choreo LLC purchased a new stake in Clover Health Investments during the 2nd quarter valued at $344,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Clover Health Investments in the 1st quarter worth $142,000. Hedge funds and other 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.