Clover Health Investments (NASDAQ:CLOV) Reaches New 1-Year High - Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $4.28 and last traded at $4.26, with a volume of 6755440 shares changing hands. The stock had previously closed at $4.13.

Analyst Ratings Changes

Separately, UBS Group initiated coverage on 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 Stock Up 3.1 %

The firm has a market capitalization of $2.11 billion, a PE ratio of -12.15 and a beta of 2.13. The firm's 50 day moving average price is $3.00 and its two-hundred day moving average price is $1.77.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.05. The business had revenue of $356.26 million for the quarter, compared to analyst estimates of $338.70 million. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. During the same period in the previous year, the company earned ($0.06) earnings per share. On average, sell-side analysts anticipate that Clover Health Investments, Corp. will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently made changes to their positions in CLOV. SignalPoint Asset Management LLC boosted its stake in Clover Health Investments by 8.1% during the 3rd quarter. SignalPoint Asset Management LLC now owns 150,684 shares of the company's stock valued at $425,000 after acquiring an additional 11,318 shares during the last quarter. Jaffetilchin Investment Partners LLC lifted its position in shares of Clover Health Investments by 30.2% during the first 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 last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Clover Health Investments by 54.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company's stock worth $42,000 after purchasing an additional 12,104 shares in the last quarter. Viewpoint Capital Management LLC increased its holdings in Clover Health Investments by 96.8% in the second quarter. Viewpoint Capital Management LLC now owns 30,500 shares of the company's stock valued at $38,000 after buying an additional 15,000 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Clover Health Investments by 4.6% during the second quarter. AQR Capital Management LLC now owns 729,706 shares of the company's stock valued at $898,000 after buying an additional 32,288 shares in the last quarter. Institutional investors and hedge funds 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.

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