Clover Health Investments (NASDAQ:CLOV) Trading 8.7% Higher - Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price was up 8.7% during trading on Monday . The company traded as high as $3.19 and last traded at $3.20. Approximately 4,705,560 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 7,303,017 shares. The stock had previously closed at $2.94.

Clover Health Investments Stock Performance

The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -61.60 and a beta of 1.86. The company's 50 day moving average is $3.03 and its 200 day moving average is $3.57.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. The company 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 research analysts anticipate that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Activity

In other Clover Health Investments news, CEO Conrad Wai sold 118,600 shares of Clover Health Investments stock in a transaction on Tuesday, July 22nd. The stock was 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 directly owned 1,494,898 shares of the company's stock, valued at approximately $4,918,214.42. This trade represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.07% of the company's stock.

Institutional Investors Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Clover Health Investments by 5.1% during the first quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company's stock worth $73,883,000 after acquiring an additional 994,904 shares during the last quarter. Millennium Management LLC raised its position in shares of Clover Health Investments by 365.9% during the first quarter. Millennium Management LLC now owns 5,804,006 shares of the company's stock worth $20,836,000 after acquiring an additional 4,558,305 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Clover Health Investments by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 4,882,461 shares of the company's stock worth $15,387,000 after acquiring an additional 53,760 shares during the last quarter. Marshall Wace LLP raised its position in shares of Clover Health Investments by 167.6% during the fourth quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock worth $11,875,000 after acquiring an additional 2,360,902 shares during the last quarter. Finally, GMT Capital Corp bought a new position in shares of Clover Health Investments in the 1st quarter worth $4,686,000. Institutional investors own 19.77% of the company's stock.

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.