Clover Health Investments (NASDAQ:CLOV) Shares Up 13.3% After Earnings Beat

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

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

Analyst Ratings Changes

Separately, Canaccord Genuity Group raised their target price 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.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, General Counsel Karen Soares sold 52,500 shares of the firm'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 value of $199,500.00. Following the completion of the sale, the general counsel now directly owns 1,299,663 shares in the company, valued at $4,938,719.40. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brady Patrick Priest sold 75,000 shares of Clover Health Investments stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $3.68, for a total transaction of $276,000.00. Following the sale, the chief executive officer now owns 2,418,151 shares of the company's stock, valued at $8,898,795.68. The trade was a 3.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,500 shares of company stock worth $1,197,500 over the last three months. Corporate insiders own 22.28% of the company's stock.

Institutional Trading of Clover Health Investments

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Phoenix Financial Ltd. grew its holdings in shares of Clover Health Investments by 6.8% during the fourth quarter. Phoenix Financial Ltd. now owns 39,000 shares of the company's stock worth $123,000 after buying an additional 2,500 shares in the last quarter. Rhumbline Advisers lifted its position 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. Steph & Co. lifted its position in 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 buying an additional 5,000 shares in the last quarter. Parallax Volatility Advisers L.P. lifted its position in shares of Clover Health Investments by 47.7% during the fourth quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock worth $63,000 after purchasing an additional 6,408 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Clover Health Investments by 6.3% during the fourth quarter. Arizona State Retirement System now owns 118,265 shares of the company's stock worth $373,000 after purchasing an additional 6,990 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.

Clover Health Investments Price Performance

The business's 50-day moving average price is $3.57 and its 200 day moving average price is $3.71. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -17.35 and a beta of 1.99.

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.