Clover Health Investments (NASDAQ:CLOV) Shares Down 3.1% - What's Next?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) dropped 3.1% during mid-day trading on Friday . The company traded as low as $4.00 and last traded at $4.05. Approximately 3,309,182 shares were traded during trading, a decline of 59% from the average daily volume of 8,076,871 shares. The stock had previously closed at $4.18.

Analyst Ratings Changes

Separately, UBS Group started coverage on Clover Health Investments in a report on Monday, October 7th. They set a "neutral" rating and a $4.00 price objective for the company.

Clover Health Investments Price Performance

The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -11.76 and a beta of 2.13. The firm has a fifty day simple moving average of $3.14 and a two-hundred day simple moving average of $1.82.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued 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. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. The company had revenue of $356.26 million during the quarter, compared to analyst estimates of $338.70 million. During the same quarter last year, the business posted ($0.06) EPS. Equities analysts anticipate that Clover Health Investments, Corp. will post -0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors have recently modified their holdings of the stock. Jupiter Asset Management Ltd. grew its holdings in Clover Health Investments by 18.1% during the first quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company's stock worth $3,593,000 after acquiring an additional 692,878 shares during the period. XTX Topco Ltd acquired a new stake in shares of Clover Health Investments during the 2nd quarter worth approximately $932,000. AQR Capital Management LLC increased its holdings in shares of Clover Health Investments by 4.6% during the 2nd quarter. AQR Capital Management LLC now owns 729,706 shares of the company's stock valued at $898,000 after purchasing an additional 32,288 shares in the last quarter. Choreo LLC acquired a new position in shares of Clover Health Investments in the 2nd quarter valued at $344,000. Finally, Bayesian Capital Management LP purchased a new stake in Clover Health Investments during the first quarter worth $142,000. Hedge funds and other institutional investors 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.