Clover Health Investments (NASDAQ:CLOV) Shares Down 4.5% - Here's Why

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group assumed coverage on Clover Health Investments in a research report on Monday, October 7th. They issued a "neutral" rating and a $4.00 price target on the stock. Craig Hallum assumed coverage on shares of Clover Health Investments in a research report on Tuesday, December 17th. They set a "buy" rating and a $6.00 target price for the company.

Clover Health Investments Stock Performance

The business has a 50 day moving average price of $3.60 and a 200-day moving average price of $3.22. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -21.95 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.01. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. The company had revenue of $330.99 million for the quarter, compared to analysts' expectations of $347.60 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. As a group, equities analysts predict that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLOV. Graypoint LLC purchased a new stake in Clover Health Investments in the 4th quarter valued at $632,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Clover Health Investments in the third quarter valued at about $1,228,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Clover Health Investments by 75.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company's stock valued at $3,181,000 after purchasing an additional 485,987 shares in the last quarter. JPMorgan Chase & Co. bought a new position in shares of Clover Health Investments during the 3rd quarter worth approximately $448,000. Finally, State Street Corp boosted its stake in shares of Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company's stock worth $6,174,000 after buying an additional 862,621 shares during the last quarter. 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.