Clover Health Investments (NASDAQ:CLOV) Trading 7.9% Higher

Clover Health Investments, Corp. (NASDAQ:CLOVGet Rating)’s stock price traded up 7.9% during trading on Wednesday . The company traded as high as $3.83 and last traded at $3.83. 228,640 shares were traded during mid-day trading, a decline of 99% from the average session volume of 16,317,981 shares. The stock had previously closed at $3.55.

A number of equities research analysts have recently commented on the stock. Cowen raised shares of Clover Health Investments from an “underperform” rating to a “market perform” rating and reduced their price objective for the company from $7.00 to $3.00 in a research note on Wednesday, February 2nd. Canaccord Genuity Group upped their price objective on shares of Clover Health Investments from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, February 24th. SVB Leerink dropped their target price on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Friday, February 25th. Zacks Investment Research downgraded shares of Clover Health Investments from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Credit Suisse Group downgraded shares of Clover Health Investments from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $9.00 to $3.50 in a research report on Friday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.40.

The company’s fifty day moving average price is $2.73 and its 200 day moving average price is $5.00. The company has a market cap of $1.71 billion, a PE ratio of -2.52 and a beta of 1.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.02 and a quick ratio of 2.02.

Clover Health Investments (NASDAQ:CLOVGet Rating) last announced its earnings results on Monday, February 28th. The company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.18). The firm had revenue of $432.04 million during the quarter, compared to analysts’ expectations of $412.00 million. Clover Health Investments had a negative net margin of 39.93% and a negative return on equity of 97.71%. On average, analysts forecast that Clover Health Investments, Corp. will post -0.93 EPS for the current year.

In related news, Director Lee Shapiro purchased 80,000 shares of Clover Health Investments stock in a transaction that occurred on Friday, March 11th. The stock was bought at an average price of $3.10 per share, for a total transaction of $248,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chelsea Clinton purchased 100,000 shares of Clover Health Investments stock in a transaction that occurred on Thursday, March 3rd. The shares were bought at an average price of $2.53 per share, with a total value of $253,000.00. The disclosure for this purchase can be found here.

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. boosted its position in Clover Health Investments by 51.4% during the fourth quarter. Baillie Gifford & Co. now owns 7,787,680 shares of the company’s stock worth $28,970,000 after purchasing an additional 2,645,503 shares during the period. PNC Financial Services Group Inc. boosted its position in Clover Health Investments by 367,220.4% during the third quarter. PNC Financial Services Group Inc. now owns 6,611,767 shares of the company’s stock worth $48,861,000 after purchasing an additional 6,609,967 shares during the period. BlackRock Inc. boosted its position in Clover Health Investments by 53.5% during the fourth quarter. BlackRock Inc. now owns 5,351,416 shares of the company’s stock worth $19,907,000 after purchasing an additional 1,865,164 shares during the period. Ghisallo Capital Management LLC bought a new position in Clover Health Investments during the fourth quarter worth about $19,705,000. Finally, Geode Capital Management LLC boosted its position in Clover Health Investments by 34.4% during the fourth quarter. Geode Capital Management LLC now owns 2,403,839 shares of the company’s stock worth $8,942,000 after purchasing an additional 614,777 shares during the period. Hedge funds and other institutional investors own 18.14% of the company’s stock.

About Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses.

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