Clover Health Investments (NASDAQ:CLOV) Sets New 12-Month High – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price hit a new 52-week high on Friday . The company traded as high as $4.73 and last traded at $4.68, with a volume of 1022951 shares changing hands. The stock had previously closed at $4.68.

Wall Street Analysts Forecast Growth

CLOV has been the subject of a number of research reports. UBS Group initiated coverage on shares of 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 initiated coverage on shares of Clover Health Investments in a report on Tuesday, December 17th. They set a “buy” rating and a $6.00 target price for the company.

Clover Health Investments Price Performance

The company’s 50-day simple moving average is $3.45 and its 200 day simple moving average is $3.08. The firm has a market cap of $2.33 billion, a P/E ratio of -23.32 and a beta of 1.95.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01. The company had revenue of $330.99 million for the quarter, compared to the consensus estimate of $347.60 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. During the same quarter last year, the firm posted ($0.09) EPS. Analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Institutional Trading of Clover Health Investments

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in Clover Health Investments by 21.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock valued at $13,622,000 after acquiring an additional 868,501 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Clover Health Investments by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,000,505 shares of the company’s stock valued at $8,461,000 after purchasing an additional 150,550 shares during the period. State Street Corp lifted its stake in shares of Clover Health Investments by 65.0% in the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after purchasing an additional 862,621 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Clover Health Investments by 75.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock valued at $3,181,000 after purchasing an additional 485,987 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Clover Health Investments by 4.6% in the 2nd quarter. AQR Capital Management LLC now owns 729,706 shares of the company’s stock valued at $898,000 after purchasing an additional 32,288 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.