Clover Health Investments (NASDAQ:CLOV) Trading 4.8% Higher - Still a Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) rose 4.8% during mid-day trading on Wednesday . The company traded as high as $4.03 and last traded at $3.94. Approximately 2,186,889 shares changed hands during trading, a decline of 73% from the average daily volume of 8,057,063 shares. The stock had previously closed at $3.76.

Analyst Ratings Changes

Separately, UBS Group assumed coverage on Clover Health Investments in a research report on Monday. They issued a "neutral" rating and a $4.00 price target on the stock.

Clover Health Investments Stock Performance

The company has a market capitalization of $1.94 billion, a P/E ratio of -11.50 and a beta of 2.13. The company has a 50-day simple moving average of $2.77 and a 200 day simple moving average of $1.65.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its earnings results on Monday, August 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.05. Clover Health Investments had a negative net margin of 7.30% and a negative return on equity of 36.55%. The firm had revenue of $356.26 million during the quarter, compared to analysts' expectations of $338.70 million. During the same period in the prior year, the company earned ($0.06) EPS. As a group, sell-side analysts forecast that Clover Health Investments, Corp. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds have recently made changes to their positions in the stock. Viewpoint Capital Management LLC lifted its position 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 worth $38,000 after purchasing an additional 15,000 shares during the period. Jaffetilchin Investment Partners LLC lifted its holdings in shares of Clover Health Investments by 30.2% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company's stock worth $39,000 after acquiring an additional 11,550 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Clover Health Investments by 54.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company's stock valued at $42,000 after acquiring an additional 12,104 shares in the last quarter. Marshall Wace LLP bought a new stake in Clover Health Investments in the second quarter valued at about $55,000. Finally, Allspring Global Investments Holdings LLC raised its position in Clover Health Investments by 151.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 77,948 shares of the company's stock worth $62,000 after purchasing an additional 46,912 shares in the last quarter. 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.