Clover Health Investments (NASDAQ:CLOV) Trading Up 5.7% – Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) were up 5.7% on Thursday . The company traded as high as $4.57 and last traded at $4.56. Approximately 5,835,989 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 6,653,010 shares. The stock had previously closed at $4.31.

Wall Street Analysts Forecast Growth

CLOV has been the subject of a number of research analyst reports. UBS Group initiated coverage on Clover Health Investments in a research note on Monday, October 7th. They issued a “neutral” rating and a $4.00 target price for the company. Craig Hallum initiated coverage on Clover Health Investments in a research note on Tuesday, December 17th. They issued a “buy” rating and a $6.00 target price for the company.

Clover Health Investments Price Performance

The stock has a 50 day simple moving average of $3.48 and a 200-day simple moving average of $3.11. The firm has a market cap of $2.42 billion, a PE ratio of -24.10 and a beta of 1.95.

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, beating analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $330.99 million during the quarter, compared to analysts’ expectations of $347.60 million. Clover Health Investments had a negative return on equity of 25.46% and a negative net margin of 5.92%. During the same quarter in the previous year, the business earned ($0.09) earnings per share. As a group, equities analysts predict that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Institutional Trading of Clover Health Investments

A number of institutional investors and hedge funds have recently modified their holdings of CLOV. Geode Capital Management LLC grew its holdings in shares of Clover Health Investments by 21.9% in the third quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after acquiring an additional 868,501 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of 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 worth $8,461,000 after buying an additional 150,550 shares in the last quarter. State Street Corp lifted its position in shares of Clover Health Investments by 65.0% in the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after buying an additional 862,621 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Clover Health Investments by 75.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock valued at $3,181,000 after purchasing an additional 485,987 shares during the period. Finally, AQR Capital Management LLC raised its position in Clover Health Investments by 4.6% during the second quarter. AQR Capital Management LLC now owns 729,706 shares of the company’s stock valued at $898,000 after purchasing an additional 32,288 shares during the period. 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.