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

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) 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 traded.

Wall Street Analysts Forecast Growth

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

Clover Health Investments Trading Up 3.5%

The company has a market cap of $1.02 billion, a PE ratio of -11.38 and a beta of 2.24. The firm’s fifty day moving average is $2.00 and its 200 day moving average is $2.47.

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

Insider Buying and Selling

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the business’s stock in a transaction that occurred 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 directly owned 1,998,584 shares in the company, valued at approximately $4,336,927.28. The trade was a 8.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.07% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Large investors have recently bought and sold shares of the company. Abel Hall LLC acquired a new position in shares of Clover Health Investments during the 4th quarter worth approximately $27,000. Allworth Financial LP boosted its holdings 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 worth $29,000 after purchasing an additional 6,527 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Clover Health Investments during the 4th quarter worth approximately $29,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Clover Health Investments during the 4th quarter worth approximately $29,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $31,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.