Clover Health Investments (NASDAQ:CLOV) Shares Up 4.4% - Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) shot up 4.4% during trading on Monday . The stock traded as high as $3.94 and last traded at $3.80. 2,532,523 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 5,176,259 shares. The stock had previously closed at $3.64.

Analyst Upgrades and Downgrades

CLOV has been the subject of several analyst reports. Craig Hallum assumed coverage on shares of 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. UBS Group started coverage on shares of Clover Health Investments in a research note on Monday, October 7th. They set a "neutral" rating and a $4.00 price objective on the stock.

Clover Health Investments Price Performance

The stock has a 50-day moving average price of $3.34 and a 200-day moving average price of $2.96. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -19.90 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.01. Clover Health Investments had a negative return on equity of 25.46% and a negative net margin of 5.92%. The business had revenue of $330.99 million during the quarter, compared to the consensus estimate of $347.60 million. During the same quarter last year, the firm posted ($0.09) EPS. Equities analysts forecast that Clover Health Investments, Corp. will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position 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 valued at $13,622,000 after purchasing an additional 868,501 shares during the last quarter. State Street Corp boosted its stake in Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company's stock valued at $6,174,000 after purchasing an additional 862,621 shares during the period. XTX Topco Ltd acquired a new position in Clover Health Investments in the 2nd quarter valued at $932,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Clover Health Investments by 75.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company's stock worth $3,181,000 after buying an additional 485,987 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Clover Health Investments during the third quarter worth $1,228,000. Institutional investors and hedge funds 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.