Clover Health Investments (NASDAQ:CLOV) Stock Price Down 2.8% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price was down 2.8% on Tuesday . The stock traded as low as $3.17 and last traded at $3.18. Approximately 855,419 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 7,693,964 shares. The stock had previously closed at $3.27.

Analyst Upgrades and Downgrades

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

Clover Health Investments Stock Performance

The firm's fifty day simple moving average is $3.56 and its 200 day simple moving average is $2.71. The firm has a market cap of $1.60 billion, a P/E ratio of -15.95 and a beta of 1.94.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings results 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 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 last year, the business posted ($0.09) EPS. On average, equities research analysts predict that Clover Health Investments, Corp. will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently made changes to their positions in CLOV. Concurrent Investment Advisors LLC purchased a new stake in Clover Health Investments during the 3rd quarter valued at $28,000. Sigma Planning Corp purchased a new stake in shares of Clover Health Investments in the third quarter valued at $29,000. Parallax Volatility Advisers L.P. bought a new stake in shares of Clover Health Investments in the 3rd quarter worth about $38,000. Realta Investment Advisors purchased a new position in shares of Clover Health Investments during the 3rd quarter worth about $44,000. Finally, Forum Financial Management LP raised its position in Clover Health Investments by 33.8% in the 3rd quarter. Forum Financial Management LP now owns 16,077 shares of the company's stock worth $45,000 after purchasing an additional 4,061 shares during the period. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.