Clover Health Investments (NASDAQ:CLOV) Shares Up 8% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) rose 8% on Tuesday . The stock traded as high as $3.68 and last traded at $3.65. Approximately 7,345,603 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 4,991,149 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

A number of analysts recently issued reports on CLOV shares. Craig Hallum started coverage on Clover Health Investments in a report on Tuesday, December 17th. They set a "buy" rating and a $6.00 price objective on the stock. UBS Group started coverage on shares of Clover Health Investments in a report on Monday, October 7th. They set a "neutral" rating and a $4.00 target price on the stock.

Clover Health Investments Price Performance

The company has a 50 day moving average of $3.40 and a 200-day moving average of $2.88. The company has a market cap of $1.80 billion, a P/E ratio of -18.00 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01. The company had revenue of $330.99 million during the quarter, compared to analyst estimates 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 firm earned ($0.09) earnings per share. Research analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Institutional Trading of Clover Health Investments

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in 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 acquiring an additional 868,501 shares during the last quarter. State Street Corp increased its position in shares of Clover Health Investments by 65.0% during 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 last quarter. XTX Topco Ltd purchased a new position in shares of Clover Health Investments during the 2nd quarter valued at about $932,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Clover Health Investments by 75.7% in 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Clover Health Investments in the third quarter worth approximately $1,228,000. Hedge funds and other 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.