Clover Health Investments (NASDAQ:CLOV) Stock Price Up 8.7% - Here's Why

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price rose 8.7% during trading on Monday . The stock 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 $1.58 billion, a P/E ratio of -62.20 and a beta of 1.86. The stock has a 50-day simple moving average of $3.05 and a 200 day simple moving average of $3.57.

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

Hedge Funds Weigh In On Clover Health Investments

Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings 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 buying an additional 3,160 shares during the period. Fifth Third Bancorp purchased a new position in Clover Health Investments in the 2nd quarter worth $28,000. Perigon Wealth Management LLC bought a new stake in Clover Health Investments in the 1st quarter worth $36,000. Integrated Wealth Concepts LLC bought a new stake in shares of Clover Health Investments during the 1st quarter valued at about $37,000. Finally, Triumph Capital Management bought a new stake in Clover Health Investments during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 19.77% of the company's stock.

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.

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