Clover Health Investments (NASDAQ:CLOV) Shares Gap Down - Time to Sell?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $4.35, but opened at $3.89. Clover Health Investments shares last traded at $3.48, with a volume of 8,369,665 shares trading hands.

Analysts Set New Price Targets

Separately, UBS Group assumed coverage on Clover Health Investments in a research note on Monday, October 7th. They set a "neutral" rating and a $4.00 price target for the company.

Clover Health Investments Stock Performance

The business has a 50 day moving average price of $3.41 and a two-hundred day moving average price of $2.12. The stock has a market cap of $1.82 billion, a PE ratio of -13.52 and a beta of 2.03.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates 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 business earned ($0.06) EPS. As a group, research analysts anticipate that Clover Health Investments, Corp. will post -0.13 earnings per share for the current year.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Clover Health Investments by 151.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 77,948 shares of the company's stock worth $62,000 after purchasing an additional 46,912 shares during the period. Jupiter Asset Management Ltd. raised its holdings in shares of Clover Health Investments by 18.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company's stock worth $3,593,000 after purchasing an additional 692,878 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Clover Health Investments in the 1st quarter worth approximately $142,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Clover Health Investments in the 1st quarter worth approximately $91,000. Finally, Jaffetilchin Investment Partners LLC raised its holdings in shares of Clover Health Investments by 30.2% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company's stock worth $39,000 after purchasing an additional 11,550 shares during the period. 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.

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