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

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up before the market opened on Thursday . The stock had previously closed at $4.26, but opened at $4.47. Clover Health Investments shares last traded at $4.45, with a volume of 4,496,601 shares traded.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on shares of Clover Health Investments in a research report on Monday, October 7th. They issued a “neutral” rating and a $4.00 target price for the company.

Clover Health Investments Stock Down 4.3 %

The company’s fifty day moving average price is $3.14 and its 200 day moving average price is $1.82. The company has a market capitalization of $1.99 billion, a P/E ratio of -11.76 and a beta of 2.13.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The firm had revenue of $356.26 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm earned ($0.06) EPS. Research analysts predict that Clover Health Investments, Corp. will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of Clover Health Investments

Large investors have recently made changes to their positions in the company. Jupiter Asset Management Ltd. boosted its holdings in shares of Clover Health Investments by 18.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock valued at $3,593,000 after purchasing an additional 692,878 shares in the last quarter. XTX Topco Ltd acquired a new stake in Clover Health Investments in the second quarter valued at about $932,000. AQR Capital Management LLC grew its position in Clover Health Investments by 4.6% in the second quarter. AQR Capital Management LLC now owns 729,706 shares of the company’s stock valued at $898,000 after acquiring an additional 32,288 shares during the last quarter. Choreo LLC acquired a new position in Clover Health Investments during the second quarter worth about $344,000. Finally, Bayesian Capital Management LP bought a new position in shares of Clover Health Investments in the first quarter worth about $142,000. 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.