Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price gapped up prior to trading 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 trading hands.

Analysts Set New Price Targets

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

Clover Health Investments Stock Down 4.3 %

The stock has a market cap of $1.99 billion, a P/E ratio of -11.76 and a beta of 2.13. The company’s 50 day moving average price is $3.14 and its 200-day moving average price is $1.82.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Monday, August 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $356.26 million for the quarter, compared to the consensus estimate of $338.70 million. During the same period in the previous year, the business earned ($0.06) EPS. Equities research analysts anticipate that Clover Health Investments, Corp. will post -0.13 earnings per share for the current year.

Institutional Trading of Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the stock. SignalPoint Asset Management LLC lifted its position in shares of Clover Health Investments by 40.3% in the 1st quarter. SignalPoint Asset Management LLC now owns 139,366 shares of the company’s stock worth $111,000 after purchasing an additional 40,000 shares during the period. Allspring Global Investments Holdings LLC boosted its position in 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 valued at $62,000 after acquiring an additional 46,912 shares during the last quarter. Jupiter Asset Management Ltd. boosted its position in Clover Health Investments by 18.1% during the first quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock valued at $3,593,000 after acquiring an additional 692,878 shares during the last quarter. Bayesian Capital Management LP bought a new position in shares of Clover Health Investments in the 1st quarter worth about $142,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Clover Health Investments in the 1st quarter worth about $91,000. 19.77% of the stock is currently owned by institutional investors.

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.