Clover Health Investments (NASDAQ:CLOV) Trading Down 6.2% – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price dropped 6.2% during mid-day trading on Monday . The company traded as low as $3.73 and last traded at $3.79. Approximately 6,135,449 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 8,069,822 shares. The stock had previously closed at $4.04.

Wall Street Analyst Weigh In

Separately, UBS Group assumed coverage on shares of Clover Health Investments in a research note on Monday. They set a “neutral” rating and a $4.00 price objective for the company.

Clover Health Investments Price Performance

The company has a market cap of $1.94 billion, a P/E ratio of -11.50 and a beta of 2.13. The company has a 50 day moving average of $2.77 and a 200-day moving average of $1.65.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.05. The company had revenue of $356.26 million during the quarter, compared to analyst estimates of $338.70 million. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Research analysts anticipate that Clover Health Investments, Corp. will post -0.13 EPS for the current year.

Institutional Trading of Clover Health Investments

Several institutional investors and hedge funds have recently made changes to their positions in CLOV. SignalPoint Asset Management LLC lifted its position in Clover Health Investments by 8.1% in the 3rd quarter. SignalPoint Asset Management LLC now owns 150,684 shares of the company’s stock worth $425,000 after buying an additional 11,318 shares during the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in shares of Clover Health Investments by 30.2% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company’s stock valued at $39,000 after purchasing an additional 11,550 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Clover Health Investments by 54.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company’s stock valued at $42,000 after purchasing an additional 12,104 shares during the last quarter. Viewpoint Capital Management LLC raised its position in Clover Health Investments by 96.8% in the 2nd quarter. Viewpoint Capital Management LLC now owns 30,500 shares of the company’s stock worth $38,000 after purchasing an additional 15,000 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Clover Health Investments by 4.6% in the second quarter. AQR Capital Management LLC now owns 729,706 shares of the company’s stock worth $898,000 after purchasing an additional 32,288 shares during the last quarter. Hedge funds and other 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.