Clover Health Investments, Corp. (NASDAQ:CLOV) Sees Large Increase in Short Interest

Clover Health Investments, Corp. (NASDAQ:CLOV) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 18,330,000 shares, an increase of 16.4% from the October 15th total of 15,750,000 shares. Based on an average trading volume of 9,770,000 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

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

Clover Health Investments Price Performance

Clover Health Investments stock opened at $3.04 on Friday. The firm has a 50-day moving average of $3.52 and a two-hundred day moving average of $2.26. Clover Health Investments has a 1 year low of $0.61 and a 1 year high of $4.71. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -15.20 and a beta of 2.03.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The company had revenue of $330.99 million during the quarter, compared to analyst estimates of $347.60 million. Clover Health Investments had a negative net margin of 5.92% and a negative return on equity of 25.46%. During the same period in the prior year, the firm earned ($0.09) earnings per share. Research analysts expect that Clover Health Investments will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Barclays PLC purchased a new position in Clover Health Investments in the third quarter valued at about $298,000. State Street Corp increased its position in Clover Health Investments by 65.0% during the 3rd quarter. State Street Corp now owns 2,189,380 shares of the company’s stock valued at $6,174,000 after buying an additional 862,621 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Clover Health Investments in the third quarter valued at about $735,000. Parallax Volatility Advisers L.P. acquired a new stake in Clover Health Investments in the third quarter worth about $38,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of Clover Health Investments during the third quarter worth about $477,000. 19.77% of the stock is owned by institutional investors.

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.