Short Interest in Clover Health Investments, Corp. (NASDAQ:CLOV) Decreases By 38.3%

Clover Health Investments, Corp. (NASDAQ:CLOV) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 15,750,000 shares, a decline of 38.3% from the September 30th total of 25,510,000 shares. Based on an average trading volume of 9,240,000 shares, the short-interest ratio is currently 1.7 days.

Clover Health Investments Stock Up 3.4 %

CLOV traded up $0.13 during midday trading on Friday, hitting $3.92. 3,948,972 shares of the company traded hands, compared to its average volume of 9,476,254. The company’s 50-day moving average is $3.29 and its 200 day moving average is $1.93. Clover Health Investments has a 52 week low of $0.61 and a 52 week high of $4.71. The firm has a market capitalization of $1.95 billion, a PE ratio of -14.52 and a beta of 2.13.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Monday, August 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.05. The company had revenue of $356.26 million for the quarter, compared to analysts’ expectations of $338.70 million. Clover Health Investments had a negative net margin of 7.30% and a negative return on equity of 36.55%. During the same quarter last year, the company posted ($0.06) earnings per share. On average, sell-side analysts predict that Clover Health Investments will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently bought and sold shares of CLOV. Jupiter Asset Management Ltd. grew its stake in shares of Clover Health Investments by 18.1% during 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 during the period. XTX Topco Ltd purchased a new stake in Clover Health Investments during the second quarter valued at approximately $932,000. AQR Capital Management LLC raised 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 worth $898,000 after acquiring an additional 32,288 shares during the period. Choreo LLC purchased a new position in shares of Clover Health Investments during the 2nd quarter worth $344,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Clover Health Investments during the 1st quarter valued at $142,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Analyst Ratings Changes

Separately, UBS Group started coverage on Clover Health Investments in a research note on Monday, October 7th. They set a “neutral” rating and a $4.00 target price on the 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.