Clover Health Investments (NASDAQ:CLOV) Trading Up 5.7% - Here's Why

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) rose 5.7% during mid-day trading on Thursday . The stock traded as high as $4.57 and last traded at $4.56. Approximately 5,835,989 shares changed hands during trading, a decline of 12% from the average daily volume of 6,653,010 shares. The stock had previously closed at $4.31.

Analysts Set New Price Targets

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

Clover Health Investments Price Performance

The business has a 50-day simple moving average of $3.48 and a 200 day simple moving average of $3.11. The firm has a market cap of $2.42 billion, a PE ratio of -24.10 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced 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 firm had revenue of $330.99 million during the quarter, compared to analysts' expectations of $347.60 million. During the same period in the prior year, the company posted ($0.09) earnings per share. On average, equities analysts forecast that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently added to or reduced their stakes in CLOV. Geode Capital Management LLC raised its stake in shares of Clover Health Investments by 21.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company's stock worth $13,622,000 after acquiring an additional 868,501 shares in the last quarter. State Street Corp grew its holdings in Clover Health Investments by 65.0% in the third quarter. State Street Corp now owns 2,189,380 shares of the company's stock worth $6,174,000 after purchasing an additional 862,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased 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 worth $3,181,000 after purchasing an additional 485,987 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Clover Health Investments during the 3rd quarter valued at $1,228,000. Finally, Point72 Asset Management L.P. purchased a new position in Clover Health Investments during the 3rd quarter worth $735,000. 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.