Clover Health Investments (NASDAQ:CLOV) Stock Price Down 4.9% - What's Next?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s stock price was down 4.9% during mid-day trading on Wednesday . The stock traded as low as $2.61 and last traded at $2.62. Approximately 6,886,502 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 6,995,369 shares. The stock had previously closed at $2.75.

Clover Health Investments Stock Performance

The firm has a fifty day simple moving average of $3.18 and a 200 day simple moving average of $3.59. The company has a market capitalization of $1.31 billion, a PE ratio of -51.50 and a beta of 1.86.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $462.33 million for the quarter, compared to analyst estimates of $466.93 million. Clover Health Investments had a negative return on equity of 7.42% and a negative net margin of 1.69%. Research analysts expect that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds and other institutional investors have recently modified their holdings of CLOV. Rhumbline Advisers raised its holdings in Clover Health Investments by 80.5% in the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after purchasing an additional 3,160 shares in the last quarter. Perigon Wealth Management LLC purchased a new position in shares of Clover Health Investments in the 1st quarter worth approximately $36,000. Integrated Wealth Concepts LLC bought a new position in shares of Clover Health Investments during the 1st quarter worth approximately $37,000. Triumph Capital Management purchased a new stake in Clover Health Investments during the fourth quarter valued at approximately $45,000. Finally, AQR Capital Management LLC purchased a new stake in Clover Health Investments during the first quarter valued at approximately $49,000. 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.