Clover Health Investments (NASDAQ:CLOV) Trading Up 4.8% – What’s Next?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price shot up 4.8% on Wednesday . The company traded as high as $4.03 and last traded at $3.94. 2,186,889 shares traded hands during trading, a decline of 73% from the average session volume of 8,057,063 shares. The stock had previously closed at $3.76.

Analyst Upgrades and Downgrades

Separately, UBS Group assumed coverage on Clover Health Investments in a report on Monday. They issued a “neutral” rating and a $4.00 price objective for the company.

Clover Health Investments Stock Performance

The firm’s 50-day moving average is $2.86 and its 200-day moving average is $1.69.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.05. The business had revenue of $356.26 million during the quarter, compared to analyst estimates of $338.70 million. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. During the same quarter last year, the firm posted ($0.06) earnings per share. As a group, research analysts forecast that Clover Health Investments, Corp. will post -0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Viewpoint Capital Management LLC increased its holdings in Clover Health Investments by 96.8% during the 2nd quarter. Viewpoint Capital Management LLC now owns 30,500 shares of the company’s stock worth $38,000 after purchasing an additional 15,000 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in Clover Health Investments by 54.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company’s stock valued at $42,000 after acquiring an additional 12,104 shares during the period. Marshall Wace LLP acquired a new stake in Clover Health Investments during the 2nd quarter worth about $55,000. Jaffetilchin Investment Partners LLC raised its position in Clover Health Investments by 30.2% during the first quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company’s stock valued at $39,000 after acquiring an additional 11,550 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Clover Health Investments by 151.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 77,948 shares of the company’s stock valued at $62,000 after purchasing an additional 46,912 shares during the period. Hedge funds and other institutional investors own 19.77% of the company’s stock.

About Clover Health Investments

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.