Clover Health Investments (NASDAQ:CLOV) Shares Gap Down Following Analyst Downgrade

Clover Health Investments, Corp. (NASDAQ:CLOVGet Rating)’s share price gapped down prior to trading on Tuesday after Credit Suisse Group lowered their price target on the stock from $3.50 to $3.00. The stock had previously closed at $3.40, but opened at $3.01. Credit Suisse Group currently has an underperform rating on the stock. Clover Health Investments shares last traded at $2.83, with a volume of 113,285 shares.

Separately, Citigroup boosted their price target on shares of Clover Health Investments from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.17.

Institutional Trading of Clover Health Investments

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank raised its holdings in Clover Health Investments by 7.7% during the 2nd quarter. Swiss National Bank now owns 757,800 shares of the company’s stock worth $1,622,000 after buying an additional 54,500 shares during the period. Lee Financial Group Hawaii Inc. raised its holdings in Clover Health Investments by 28,135.3% during the 2nd quarter. Lee Financial Group Hawaii Inc. now owns 24,000 shares of the company’s stock worth $51,000 after buying an additional 23,915 shares during the period. Sterling Investment Advisors Ltd. raised its holdings in Clover Health Investments by 65,000.0% during the 2nd quarter. Sterling Investment Advisors Ltd. now owns 13,020 shares of the company’s stock worth $28,000 after buying an additional 13,000 shares during the period. Performa Ltd US LLC raised its holdings in Clover Health Investments by 33.3% during the 2nd quarter. Performa Ltd US LLC now owns 40,000 shares of the company’s stock worth $86,000 after buying an additional 10,000 shares during the period. Finally, Xponance Inc. acquired a new stake in Clover Health Investments during the 2nd quarter worth about $44,000. Institutional investors and hedge funds own 23.26% of the company’s stock.

Clover Health Investments Trading Down 17.9 %

The company has a fifty day simple moving average of $2.51 and a 200-day simple moving average of $2.72. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -1.90 and a beta of 1.99.

Clover Health Investments (NASDAQ:CLOVGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.05. Clover Health Investments had a negative return on equity of 112.18% and a negative net margin of 28.64%. The firm had revenue of $874.38 million for the quarter, compared to the consensus estimate of $815.42 million. On average, research analysts forecast that Clover Health Investments, Corp. will post -1.04 earnings per share for the current fiscal year.

About Clover Health Investments

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Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses.

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