Clover Health Investments (NASDAQ:CLOV) Trading Down 4.5% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) dropped 4.5% during trading on Wednesday . The stock traded as low as $4.43 and last traded at $4.39. Approximately 1,149,289 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,965,554 shares. The stock had previously closed at $4.59.

Wall Street Analysts Forecast Growth

CLOV has been the subject of several recent analyst reports. Craig Hallum assumed coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They issued a “buy” rating and a $6.00 price target for the company. UBS Group assumed coverage on shares of Clover Health Investments in a research note on Monday, October 7th. They set a “neutral” rating and a $4.00 target price on the stock.

Clover Health Investments Stock Performance

The firm’s 50 day simple moving average is $3.54 and its 200-day simple moving average is $3.18. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -22.08 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $330.99 million for the quarter, compared to analysts’ expectations of $347.60 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. During the same quarter in the previous year, the company posted ($0.09) EPS. As a group, sell-side analysts expect that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CLOV. Geode Capital Management LLC raised its position 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. Charles Schwab Investment Management Inc. lifted its holdings in shares of Clover Health Investments by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,000,505 shares of the company’s stock valued at $8,461,000 after purchasing an additional 150,550 shares during the last quarter. State Street Corp grew its stake in Clover Health Investments by 65.0% during the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after buying an additional 862,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in 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 buying an additional 485,987 shares during the period. Finally, AQR Capital Management LLC increased its position 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 worth $898,000 after buying an additional 32,288 shares during the period. Hedge funds and other 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.