Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.1% - Time to Sell?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) were down 6.1% on Monday . The company traded as low as $2.83 and last traded at $2.84. Approximately 2,917,560 shares changed hands during trading, a decline of 56% from the average daily volume of 6,646,314 shares. The stock had previously closed at $3.02.

Analyst Ratings Changes

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 report on Monday, March 3rd.

Clover Health Investments Stock Performance

The firm has a market capitalization of $1.42 billion, a PE ratio of -55.80 and a beta of 1.91. The business's fifty day simple moving average is $3.25 and its 200-day simple moving average is $3.61.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping 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 return on equity of 7.42% and a negative net margin of 1.69%. Sell-side analysts expect that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of Clover Health Investments by 80.5% in the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after acquiring an additional 3,160 shares during the period. Perigon Wealth Management LLC purchased 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 position in Clover Health Investments during the first quarter worth $37,000. AQR Capital Management LLC purchased a new position in Clover Health Investments in the 1st quarter valued at about $49,000. Finally, Triumph Capital Management acquired a new stake in shares of Clover Health Investments in the fourth quarter worth approximately $45,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.