Clover Health Investments (NASDAQ:CLOV) Trading Up 3.5% – Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price shot up 3.5% during mid-day trading on Tuesday . The company traded as high as $3.27 and last traded at $3.23. 697,331 shares traded hands during trading, a decline of 91% from the average session volume of 7,747,493 shares. The stock had previously closed at $3.12.

Analysts Set New Price Targets

Several brokerages have recently commented on CLOV. UBS Group started coverage on Clover Health Investments in a report on Monday, October 7th. They set a “neutral” rating and a $4.00 target price for the company. Craig Hallum started coverage on shares of Clover Health Investments in a research note on Tuesday. They set a “buy” rating and a $6.00 price objective for the company.

Clover Health Investments Stock Performance

The firm’s 50 day simple moving average is $3.61 and its 200-day simple moving average is $2.65. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -15.75 and a beta of 1.94.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $330.99 million for the quarter, compared to the consensus estimate of $347.60 million. Clover Health Investments had a negative return on equity of 25.46% and a negative net margin of 5.92%. During the same quarter in the previous year, the company posted ($0.09) earnings per share. As a group, equities analysts anticipate that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Large investors have recently made changes to their positions in the business. Concurrent Investment Advisors LLC purchased a new position in Clover Health Investments during the third quarter valued at approximately $28,000. Sigma Planning Corp acquired a new position in shares of Clover Health Investments in the third quarter worth $29,000. Viewpoint Capital Management LLC raised its stake in shares of 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 in the last quarter. Parallax Volatility Advisers L.P. bought a new stake in shares of Clover Health Investments in the 3rd quarter valued at approximately $38,000. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in Clover Health Investments by 54.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company’s stock worth $42,000 after buying an additional 12,104 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.