Clover Health Investments (NASDAQ:CLOV) Shares Gap Up on Earnings Beat

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $4.14, but opened at $4.89. Clover Health Investments shares last traded at $5.0350, with a volume of 2,976,872 shares trading hands.

The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.35%. The firm had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million.

Analyst Ratings Changes

A number of analysts recently commented on the company. Canaccord Genuity Group increased their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. UBS Group upped their price objective on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Wall Street Zen raised Clover Health Investments from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Clover Health Investments has a consensus rating of “Hold” and a consensus price target of $4.33.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 98,039 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the completion of the sale, the chief executive officer directly owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the transaction, the director directly owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 715,884 shares of company stock valued at $3,202,372 in the last quarter. Insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of the business. Allworth Financial LP lifted its stake in shares of Clover Health Investments by 218.9% during the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Clover Health Investments in the 1st quarter valued at approximately $37,000. Envestnet Asset Management Inc. purchased a new position in Clover Health Investments in the 2nd quarter valued at approximately $31,000. Abel Hall LLC bought a new stake in Clover Health Investments during the 4th quarter valued at $27,000. Finally, Quadrature Capital Ltd bought a new stake in Clover Health Investments during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Stock Up 2.1%

The stock has a market cap of $2.51 billion, a PE ratio of -95.18 and a beta of 2.47. The firm has a 50-day simple moving average of $4.64 and a 200-day simple moving average of $3.17.

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.