Clover Health Investments (NASDAQ:CLOV) Hits New 52-Week High – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $4.28 and last traded at $4.26, with a volume of 6755440 shares changing hands. The stock had previously closed at $4.13.

Analyst Upgrades and Downgrades

Separately, UBS Group initiated coverage on Clover Health Investments in a research note on Monday, October 7th. They set a “neutral” rating and a $4.00 target price for the company.

Clover Health Investments Stock Performance

The firm has a 50 day moving average of $3.09 and a two-hundred day moving average of $1.80. The stock has a market cap of $1.99 billion, a P/E ratio of -11.91 and a beta of 2.13.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Monday, August 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.05. The firm had revenue of $356.26 million during the quarter, compared to the consensus estimate of $338.70 million. Clover Health Investments had a negative return on equity of 36.55% and a negative net margin of 7.30%. During the same quarter in the prior year, the company earned ($0.06) EPS. On average, sell-side analysts anticipate that Clover Health Investments, Corp. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently added to or reduced their stakes in CLOV. XTX Topco Ltd acquired a new position in Clover Health Investments in the 2nd quarter valued at approximately $932,000. Jupiter Asset Management Ltd. raised its holdings in Clover Health Investments by 18.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock valued at $3,593,000 after acquiring an additional 692,878 shares in the last quarter. Choreo LLC acquired a new position in Clover Health Investments in the 2nd quarter valued at approximately $344,000. Squarepoint Ops LLC raised its holdings in shares of Clover Health Investments by 220.7% in the 2nd quarter. Squarepoint Ops LLC now owns 130,352 shares of the company’s stock worth $160,000 after buying an additional 238,329 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in shares of Clover Health Investments in the 1st quarter worth approximately $142,000. 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.