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

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.87, but opened at $1.93. Clover Health Investments shares last traded at $1.9450, with a volume of 1,442,070 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CLOV shares. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Canaccord Genuity Group decreased their target price on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating on the stock in a research report on Friday, March 20th. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Finally, Leerink Partners decreased their target price on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.90.

Clover Health Investments Trading Up 3.5%

The firm has a market cap of $1.02 billion, a P/E ratio of -11.38 and a beta of 2.24. The firm has a 50-day simple moving average of $2.00 and a 200-day simple moving average of $2.47.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The company had revenue of $487.71 million for the quarter, compared to the consensus estimate of $467.06 million. Clover Health Investments had a negative net margin of 4.45% and a negative return on equity of 25.17%. Research analysts predict that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 175,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the sale, the chief executive officer owned 1,998,584 shares in the company, valued at approximately $4,336,927.28. This represents a 8.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.07% of the company’s stock.

Institutional Trading of Clover Health Investments

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ketron Financial purchased a new stake in shares of Clover Health Investments during the 4th quarter valued at $39,000. Virtu Financial LLC raised its stake in Clover Health Investments by 532.9% in the 4th quarter. Virtu Financial LLC now owns 209,204 shares of the company’s stock worth $492,000 after acquiring an additional 176,150 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in Clover Health Investments in the 4th quarter worth $458,000. Quadrature Capital Ltd purchased a new position in Clover Health Investments in the 4th quarter worth $29,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Clover Health Investments in the 4th quarter worth $29,000. 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.