Clover Health Investments (NASDAQ:CLOV) Trading Down 3.1% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price dropped 3.1% on Friday . The company traded as low as $4.00 and last traded at $4.05. Approximately 3,309,182 shares were traded during trading, a decline of 59% from the average daily volume of 8,076,871 shares. The stock had previously closed at $4.18.

Analysts Set New Price Targets

Separately, UBS Group began coverage on shares of Clover Health Investments in a research report on Monday, October 7th. They issued a “neutral” rating and a $4.00 price target on the stock.

Clover Health Investments Price Performance

The firm has a market capitalization of $1.99 billion, a PE ratio of -11.76 and a beta of 2.13. The firm has a fifty day moving average price of $3.14 and a 200 day moving average price of $1.83.

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

Hedge Funds Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. lifted its holdings 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 valued at $3,593,000 after purchasing an additional 692,878 shares in the last quarter. XTX Topco Ltd purchased a new stake in Clover Health Investments in the 2nd quarter worth about $932,000. Choreo LLC acquired a new stake in Clover Health Investments during the 2nd quarter worth about $344,000. Allspring Global Investments Holdings LLC grew its stake in Clover Health Investments by 151.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 77,948 shares of the company’s stock valued at $62,000 after acquiring an additional 46,912 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Clover Health Investments in the 2nd quarter valued at about $55,000. Institutional investors and hedge funds 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.