Clover Health Investments (NASDAQ:CLOV) Shares Gap Up - What's Next?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $3.11, but opened at $3.34. Clover Health Investments shares last traded at $3.24, with a volume of 4,553,241 shares traded.

Clover Health Investments Stock Down 1.8%

The stock's 50 day simple moving average is $3.03 and its two-hundred day simple moving average is $3.57. The company has a market cap of $1.54 billion, a PE ratio of -60.50 and a beta of 1.86.

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

Insider Buying and Selling at Clover Health Investments

In other news, CEO Conrad Wai sold 118,600 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $3.29, for a total transaction of $390,194.00. Following the completion of the transaction, the chief executive officer owned 1,494,898 shares of the company's stock, valued at approximately $4,918,214.42. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 24.07% of the company's stock.

Institutional Investors Weigh In On Clover Health Investments

Several hedge funds have recently modified their holdings of CLOV. Rhumbline Advisers raised its holdings in Clover Health Investments by 80.5% during the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock valued at $25,000 after buying an additional 3,160 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Clover Health Investments in the second quarter valued at approximately $28,000. Perigon Wealth Management LLC bought a new stake in shares of Clover Health Investments during the 1st quarter worth $36,000. Integrated Wealth Concepts LLC bought a new stake in Clover Health Investments during the first quarter valued at about $37,000. Finally, Triumph Capital Management bought a new position in shares of Clover Health Investments in the fourth quarter worth about $45,000. 19.77% of the stock is owned by hedge funds and other 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.