Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $2.54, but opened at $2.68. Clover Health Investments shares last traded at $2.8260, with a volume of 3,242,602 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Leerink Partners set a $3.00 price target on Clover Health Investments and gave the stock a “market perform” rating in a report on Tuesday, October 21st. Zacks Research lowered shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Canaccord Genuity Group decreased their price objective on shares of Clover Health Investments from $4.10 to $3.70 and set a “buy” rating on the stock in a report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Clover Health Investments presently has an average rating of “Hold” and a consensus target price of $3.23.

Clover Health Investments Stock Performance

The stock has a market capitalization of $1.31 billion, a PE ratio of -23.09 and a beta of 2.12. The firm’s 50 day moving average is $2.52 and its two-hundred day moving average is $2.77.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.07). Clover Health Investments had a negative net margin of 3.29% and a negative return on equity of 16.79%. The company had revenue of $496.65 million during the quarter, compared to analyst estimates of $467.18 million. On average, analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Soviero Asset Management LP increased its holdings in shares of Clover Health Investments by 260.0% in the 2nd quarter. Soviero Asset Management LP now owns 900,000 shares of the company’s stock valued at $2,511,000 after acquiring an additional 650,000 shares during the last quarter. Rhumbline Advisers boosted its holdings in Clover Health Investments by 8,149.2% in the second quarter. Rhumbline Advisers now owns 584,459 shares of the company’s stock valued at $1,631,000 after purchasing an additional 577,374 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Clover Health Investments by 95.7% in the second quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock valued at $27,467,000 after purchasing an additional 4,812,368 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in Clover Health Investments in the second quarter valued at approximately $858,000. Finally, Jupiter Asset Management Ltd. raised its holdings in Clover Health Investments by 575.9% during the second quarter. Jupiter Asset Management Ltd. now owns 939,590 shares of the company’s stock worth $2,621,000 after purchasing an additional 800,581 shares in the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.