Soviero Asset Management LP Buys 650,000 Shares of Clover Health Investments, Corp. $CLOV

Soviero Asset Management LP lifted its position in Clover Health Investments, Corp. (NASDAQ:CLOV) by 260.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 900,000 shares of the company’s stock after purchasing an additional 650,000 shares during the period. Soviero Asset Management LP’s holdings in Clover Health Investments were worth $2,511,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Clover Health Investments by 5.1% in the first quarter. Vanguard Group Inc. now owns 20,580,117 shares of the company’s stock worth $73,883,000 after purchasing an additional 994,904 shares during the period. Geode Capital Management LLC boosted its position in shares of Clover Health Investments by 95.7% during the 2nd quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock valued at $27,467,000 after acquiring an additional 4,812,368 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Clover Health Investments by 365.9% during the first quarter. Millennium Management LLC now owns 5,804,006 shares of the company’s stock worth $20,836,000 after purchasing an additional 4,558,305 shares in the last quarter. First Trust Advisors LP purchased a new stake in Clover Health Investments in the second quarter valued at approximately $4,149,000. Finally, GMT Capital Corp bought a new stake in Clover Health Investments during the first quarter valued at approximately $4,686,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CLOV has been the subject of a number of research analyst reports. Zacks Research downgraded shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday. Leerink Partners set a $3.00 target price on shares of Clover Health Investments and gave the company a “market perform” rating in a report on Tuesday, October 21st. Wall Street Zen lowered shares of Clover Health Investments from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Canaccord Genuity Group reduced their price objective on Clover Health Investments from $4.10 to $3.70 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.93.

Clover Health Investments Stock Up 1.2%

NASDAQ:CLOV opened at $2.59 on Wednesday. The firm has a market capitalization of $1.34 billion, a P/E ratio of -23.55 and a beta of 2.24. The company has a fifty day moving average of $2.78 and a 200 day moving average of $2.85. Clover Health Investments, Corp. has a 52 week low of $2.12 and a 52 week high of $4.87.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.07). The firm had revenue of $496.65 million during the quarter, compared to analysts’ expectations of $467.18 million. Clover Health Investments had a negative net margin of 3.29% and a negative return on equity of 16.79%. As a group, analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Clover Health Investments Company Profile

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.