Clover Health Investments (NASDAQ:CLOV) Shares Up 5.7% - Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s stock price rose 5.7% during mid-day trading on Tuesday . The company traded as high as $3.28 and last traded at $3.06. Approximately 4,058,369 shares changed hands during trading, a decline of 43% from the average daily volume of 7,113,428 shares. The stock had previously closed at $2.89.

Clover Health Investments Price Performance

The company has a market cap of $1.49 billion, a price-to-earnings ratio of -58.40 and a beta of 1.86. The firm has a 50-day moving average price of $3.10 and a 200 day moving average price of $3.58.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. The business 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%. On average, equities analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its position in shares of 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 in the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Clover Health Investments in the first quarter valued at approximately $36,000. Integrated Wealth Concepts LLC acquired a new stake in Clover Health Investments during the first quarter worth approximately $37,000. Triumph Capital Management acquired a new stake in Clover Health Investments during the fourth quarter worth approximately $45,000. Finally, AQR Capital Management LLC bought a new position in Clover Health Investments during the 1st quarter worth $49,000. 19.77% of the stock is 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.