Clover Health Investments (NASDAQ:CLOV) Shares Gap Down – Time to Sell?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) gapped down before the market opened on Thursday . The stock had previously closed at $4.35, but opened at $3.89. Clover Health Investments shares last traded at $3.48, with a volume of 8,369,665 shares changing hands.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on shares of Clover Health Investments in a report on Monday, October 7th. They set a “neutral” rating and a $4.00 target price on the stock.

Clover Health Investments Trading Down 16.1 %

The business’s fifty day simple moving average is $3.41 and its 200-day simple moving average is $2.12. The firm has a market cap of $1.82 billion, a P/E ratio of -13.52 and a beta of 2.03.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Monday, August 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.05. The business had revenue of $356.26 million for the quarter, compared to analysts’ expectations of $338.70 million. Clover Health Investments had a negative net margin of 7.30% and a negative return on equity of 36.55%. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, research analysts expect that Clover Health Investments, Corp. will post -0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CLOV. XTX Topco Ltd bought a new position in shares of Clover Health Investments in the second quarter worth $932,000. Jupiter Asset Management Ltd. increased its holdings in shares of Clover Health Investments by 18.1% in the first quarter. Jupiter Asset Management Ltd. now owns 4,525,079 shares of the company’s stock worth $3,593,000 after purchasing an additional 692,878 shares during the period. Choreo LLC bought a new position in shares of Clover Health Investments in the second quarter worth $344,000. Squarepoint Ops LLC increased its holdings in shares of Clover Health Investments by 220.7% in the second quarter. Squarepoint Ops LLC now owns 130,352 shares of the company’s stock worth $160,000 after purchasing an additional 238,329 shares during the period. Finally, Bayesian Capital Management LP bought a new position in shares of Clover Health Investments in the first quarter worth $142,000. 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.