Clover Health Investments (NASDAQ:CLOV) Issues Quarterly Earnings Results

Clover Health Investments (NASDAQ:CLOV) posted its earnings results on Tuesday. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.07), Zacks reports. Clover Health Investments had a negative return on equity of 12.20% and a negative net margin of 2.68%.

Clover Health Investments Price Performance

NASDAQ:CLOV traded down $0.16 during trading hours on Tuesday, reaching $3.52. 10,791,716 shares of the company traded hands, compared to its average volume of 7,739,211. The firm’s 50-day moving average is $2.98 and its 200-day moving average is $3.01. The stock has a market cap of $1.80 billion, a P/E ratio of -44.00 and a beta of 2.07. Clover Health Investments has a 1-year low of $2.12 and a 1-year high of $4.87.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, Director Anna U. Loengard purchased 26,500 shares of Clover Health Investments stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $2.59 per share, with a total value of $68,635.00. Following the purchase, the director directly owned 29,610 shares in the company, valued at $76,689.90. This trade represents a 852.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Clover Health Investments by 3.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company’s stock worth $3,070,000 after buying an additional 24,807 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Clover Health Investments by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company’s stock valued at $1,768,000 after acquiring an additional 186,047 shares in the last quarter. Prudential Financial Inc. acquired a new position in Clover Health Investments in the second quarter worth about $143,000. New York State Common Retirement Fund acquired a new position in Clover Health Investments in the second quarter worth about $357,000. Finally, Tower Research Capital LLC TRC grew its stake in Clover Health Investments by 179.9% in the second quarter. Tower Research Capital LLC TRC now owns 22,916 shares of the company’s stock worth $64,000 after purchasing an additional 14,730 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CLOV shares. Leerink Partners set a $3.00 price objective on Clover Health Investments and gave the company a “market perform” rating in a research note on Tuesday, October 21st. UBS Group decreased their price target on Clover Health Investments from $4.50 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, October 8th. Zacks Research raised Clover Health Investments from a “hold” rating to a “strong-buy” rating in a report on Friday, October 24th. Finally, Canaccord Genuity Group dropped their price target on Clover Health Investments from $4.50 to $4.10 and set a “buy” rating on the stock in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.03.

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.