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

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s stock price was down 4.9% during trading on Wednesday . The stock traded as low as $2.61 and last traded at $2.62. Approximately 6,886,502 shares traded 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 company's 50-day moving average is $3.14 and its 200-day moving average is $3.58. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -51.50 and a beta of 1.86.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.12. The business had revenue of $462.33 million for the quarter, compared to the consensus estimate of $466.93 million. Clover Health Investments had a negative net margin of 1.69% and a negative return on equity of 7.42%. On average, analysts predict that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Institutional Trading of Clover Health Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Clover Health Investments by 80.5% during the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after purchasing an additional 3,160 shares during the last quarter. Perigon Wealth Management LLC bought a new stake in Clover Health Investments during the 1st quarter worth about $36,000. Integrated Wealth Concepts LLC bought a new stake in Clover Health Investments during the 1st quarter worth about $37,000. AQR Capital Management LLC bought a new stake in Clover Health Investments during the 1st quarter worth about $49,000. Finally, Triumph Capital Management bought a new stake in Clover Health Investments during the 4th quarter worth about $45,000. 19.77% of the stock is owned by institutional investors.

Clover Health Investments Company Profile

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.