Clover Health Investments (NASDAQ:CLOV) Shares Down 5.8% – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price dropped 5.8% during mid-day trading on Tuesday . The company traded as low as $2.29 and last traded at $2.3450. Approximately 4,565,372 shares traded hands during trading, a decline of 20% from the average daily volume of 5,681,529 shares. The stock had previously closed at $2.49.

Analysts Set New Price Targets

CLOV has been the topic of a number of research analyst reports. Zacks Research lowered shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Leerink Partners set a $3.00 price objective on Clover Health Investments and gave the company a “market perform” rating in a report on Tuesday, October 21st. Wall Street Zen raised shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Canaccord Genuity Group reiterated a “buy” rating and set a $3.70 price target on shares of Clover Health Investments in a research note on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.23.

Clover Health Investments Stock Down 1.7%

The company has a market capitalization of $1.17 billion, a PE ratio of -20.64 and a beta of 2.12. The stock’s fifty day moving average price is $2.53 and its two-hundred day moving average price is $2.75.

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

Institutional Trading of Clover Health Investments

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

About Clover Health Investments

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.