Clover Health Investments (NASDAQ:CLOV) Stock Price Up 13.3% Following Better-Than-Expected Earnings

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) were up 13.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $3.77 and last traded at $3.80. Approximately 2,298,581 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 5,890,482 shares. The stock had previously closed at $3.35.

The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. The firm had revenue of $462.33 million during the quarter, compared to analysts' expectations of $466.93 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a "buy" rating in a research report on Monday, March 3rd.

Insiders Place Their Bets

In other Clover Health Investments news, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $3.68, for a total transaction of $276,000.00. Following the transaction, the chief executive officer now directly owns 2,418,151 shares in the company, valued at approximately $8,898,795.68. The trade was a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Karen Soares sold 52,500 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $3.80, for a total transaction of $199,500.00. Following the completion of the transaction, the general counsel now owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. This represents a 3.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,500 shares of company stock valued at $1,197,500 over the last 90 days. 22.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLOV. Rhumbline Advisers grew its position in Clover Health Investments by 80.5% in 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 position in Clover Health Investments during the first quarter valued at about $36,000. Triumph Capital Management acquired a new position in Clover Health Investments in the 4th quarter valued at approximately $45,000. Deutsche Bank AG lifted its position in shares of Clover Health Investments by 149.4% in the 1st quarter. Deutsche Bank AG now owns 16,307 shares of the company's stock worth $59,000 after acquiring an additional 9,768 shares during the period. Finally, Steph & Co. increased its position in shares of Clover Health Investments by 33.3% during the fourth quarter. Steph & Co. now owns 20,000 shares of the company's stock valued at $63,000 after purchasing an additional 5,000 shares during the period. Institutional investors own 19.77% of the company's stock.

Clover Health Investments Price Performance

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -17.55 and a beta of 1.99. The business has a 50 day moving average of $3.57 and a 200 day moving average of $3.71.

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.