Clover Health Investments (NASDAQ:CLOV) Trading Down 6.1% - Here's What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report)'s share price was down 6.1% during trading on Monday . The company traded as low as $2.83 and last traded at $2.84. Approximately 2,917,560 shares traded 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 lifted their price target on 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 Down 6.1%

The company has a market capitalization of $1.44 billion, a PE ratio of -56.70 and a beta of 1.92. The company has a 50-day moving average price of $3.30 and a two-hundred day moving average price of $3.62.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $462.33 million during the quarter, compared to analysts' expectations of $466.93 million. As a group, equities analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Clover Health Investments in the 4th quarter valued at $135,000. Arizona State Retirement System boosted its stake in shares of Clover Health Investments by 6.3% in the 4th quarter. Arizona State Retirement System now owns 118,265 shares of the company's stock valued at $373,000 after purchasing an additional 6,990 shares in the last quarter. Swiss National Bank boosted its stake in shares of Clover Health Investments by 6.3% in the 4th quarter. Swiss National Bank now owns 802,100 shares of the company's stock valued at $2,527,000 after purchasing an additional 47,700 shares in the last quarter. Counterpoint Mutual Funds LLC boosted its stake in shares of Clover Health Investments by 153.0% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 233,392 shares of the company's stock valued at $735,000 after purchasing an additional 141,148 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Clover Health Investments in the 4th quarter valued at $2,769,000. Institutional investors 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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