Clover Health Investments (NASDAQ:CLOV) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Clover Health Investments (NASDAQ:CLOV) announced its quarterly earnings results on Tuesday. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.07), Zacks reports. Clover Health Investments had a negative net margin of 2.68% and a negative return on equity of 12.20%.

Clover Health Investments Price Performance

Shares of CLOV stock traded down $0.16 during mid-day trading on Tuesday, hitting $3.52. The stock had a trading volume of 10,791,716 shares, compared to its average volume of 7,739,211. The firm has a market capitalization of $1.80 billion, a P/E ratio of -44.00 and a beta of 2.07. Clover Health Investments has a 12-month low of $2.12 and a 12-month high of $4.87. The firm’s 50-day moving average is $2.98 and its two-hundred day moving average is $3.01.

Analysts Set New Price Targets

CLOV has been the subject of several research reports. Leerink Partners set a $3.00 target price on Clover Health Investments and gave the stock a “market perform” rating in a research note on Tuesday, October 21st. Zacks Research raised Clover Health Investments from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, October 8th. Canaccord Genuity Group reduced their price objective on Clover Health Investments from $4.50 to $4.10 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, UBS Group cut their target price on Clover Health Investments from $4.50 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $4.03.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, Director Anna U. Loengard bought 26,500 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average cost of $2.59 per share, with a total value of $68,635.00. Following the transaction, the director directly owned 29,610 shares of the company’s stock, valued at approximately $76,689.90. This represents a 852.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments in the second quarter worth about $31,000. Integrated Wealth Concepts LLC purchased a new position in shares of Clover Health Investments in the first quarter valued at approximately $37,000. AQR Capital Management LLC purchased a new position in shares of Clover Health Investments in the first quarter valued at approximately $49,000. Tower Research Capital LLC TRC lifted its position in shares of Clover Health Investments by 179.9% in the second quarter. Tower Research Capital LLC TRC now owns 22,916 shares of the company’s stock valued at $64,000 after acquiring an additional 14,730 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Clover Health Investments during the second quarter worth approximately $88,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.