Clover Health Investments (NASDAQ:CLOV) Trading Down 4.5% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) shares were down 4.5% during mid-day trading on Wednesday . The stock traded as low as $4.43 and last traded at $4.39. Approximately 1,149,289 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 6,965,554 shares. The stock had previously closed at $4.59.

Analyst Upgrades and Downgrades

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

Clover Health Investments Price Performance

The business has a fifty day moving average of $3.58 and a 200 day moving average of $3.19. The company has a market cap of $2.23 billion, a P/E ratio of -22.30 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The business had revenue of $330.99 million for 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 period in the previous year, the firm posted ($0.09) EPS. On average, sell-side analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds have recently bought and sold shares of the business. Palacios Wealth Management LLC purchased a new position in shares of Clover Health Investments during the fourth quarter valued at approximately $131,000. Ballentine Partners LLC bought a new stake in Clover Health Investments in the 4th quarter worth approximately $131,000. SignalPoint Asset Management LLC raised its stake in Clover Health Investments by 6.2% during the 4th quarter. SignalPoint Asset Management LLC now owns 160,074 shares of the company’s stock valued at $504,000 after buying an additional 9,390 shares during the last quarter. Steph & Co. grew its holdings in shares of Clover Health Investments by 33.3% in the fourth quarter. Steph & Co. now owns 20,000 shares of the company’s stock worth $63,000 after acquiring an additional 5,000 shares during the period. Finally, Graypoint LLC bought a new stake in shares of Clover Health Investments during the 4th quarter valued at about $632,000. 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.