Clover Health Investments (NASDAQ:CLOV) Trading 3.5% Higher – Time to Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) shot up 3.5% during trading on Tuesday . The stock traded as high as $3.27 and last traded at $3.23. 697,331 shares traded hands during trading, a decline of 91% from the average session volume of 7,747,493 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Craig Hallum began coverage on shares of Clover Health Investments in a research note on Tuesday. They issued a “buy” rating and a $6.00 price target on the stock. UBS Group assumed coverage on Clover Health Investments in a research report on Monday, October 7th. They issued a “neutral” rating and a $4.00 target price on the stock.

Clover Health Investments Stock Performance

The stock’s fifty day simple moving average is $3.64 and its 200-day simple moving average is $2.64. The stock has a market cap of $1.61 billion, a P/E ratio of -15.95 and a beta of 1.94.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $330.99 million for 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 period in the prior year, the company posted ($0.09) earnings per share. As a group, equities research analysts forecast that Clover Health Investments, Corp. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Geode Capital Management LLC raised its holdings in shares of Clover Health Investments by 21.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after buying an additional 868,501 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Clover Health Investments by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,000,505 shares of the company’s stock valued at $8,461,000 after acquiring an additional 150,550 shares during the last quarter. State Street Corp raised its stake in Clover Health Investments by 65.0% during the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after acquiring an additional 862,621 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Clover Health Investments by 75.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock worth $3,181,000 after acquiring an additional 485,987 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Clover Health Investments in the 2nd quarter valued at approximately $932,000. 19.77% of the stock is currently owned by institutional investors.

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.