Clover Health Investments (NASDAQ:CLOV) Shares Up 4% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price was up 4% during mid-day trading on Monday . The stock traded as high as $4.24 and last traded at $4.16. Approximately 1,550,396 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 8,079,142 shares. The stock had previously closed at $4.00.

Wall Street Analyst Weigh In

Separately, UBS Group assumed coverage on shares of Clover Health Investments in a research report on Monday, October 7th. They set a "neutral" rating and a $4.00 target price on the stock.

Clover Health Investments Trading Up 1.5 %

The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -11.91 and a beta of 2.13. The stock has a fifty day moving average price of $3.14 and a 200-day moving average price of $1.84.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.05. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. The firm had revenue of $356.26 million during the quarter, compared to analyst estimates of $338.70 million. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, equities analysts expect that Clover Health Investments, Corp. will post -0.13 EPS for the current year.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Viewpoint Capital Management LLC boosted its holdings in shares of Clover Health Investments by 96.8% in the 2nd quarter. Viewpoint Capital Management LLC now owns 30,500 shares of the company's stock worth $38,000 after acquiring an additional 15,000 shares in the last quarter. Jaffetilchin Investment Partners LLC raised its position in Clover Health Investments by 30.2% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company's stock valued at $39,000 after purchasing an additional 11,550 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Clover Health Investments by 54.4% during 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 during the last quarter. Marshall Wace LLP acquired a new stake in shares of Clover Health Investments in the second quarter valued at $55,000. Finally, Bleakley Financial Group LLC raised its holdings in shares of Clover Health Investments by 98.9% in the third quarter. Bleakley Financial Group LLC now owns 20,090 shares of the company's stock valued at $57,000 after buying an additional 9,988 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.