Clover Health Investments (NASDAQ:CLOV) Stock Price Up 4.8% – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV) rose 4.8% on Wednesday . The company traded as high as $4.03 and last traded at $3.94. Approximately 2,186,889 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 8,057,063 shares. The stock had previously closed at $3.76.

Analysts Set New Price Targets

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

Clover Health Investments Price Performance

The stock has a 50 day simple moving average of $2.77 and a two-hundred day simple moving average of $1.65. The company has a market cap of $1.92 billion, a PE ratio of -11.62 and a beta of 2.13.

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

Institutional Investors Weigh In On Clover Health Investments

Large investors have recently modified their holdings of the stock. Viewpoint Capital Management LLC raised its stake in shares of Clover Health Investments by 96.8% during the second 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 last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Clover Health Investments by 54.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 34,372 shares of the company’s stock worth $42,000 after purchasing an additional 12,104 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Clover Health Investments during the second quarter worth approximately $55,000. Jaffetilchin Investment Partners LLC raised its stake in shares of Clover Health Investments by 30.2% during the first quarter. Jaffetilchin Investment Partners LLC now owns 49,741 shares of the company’s stock worth $39,000 after purchasing an additional 11,550 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Clover Health Investments by 151.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 77,948 shares of the company’s stock worth $62,000 after purchasing an additional 46,912 shares during the last quarter. 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.