Short Interest in Clover Health Investments, Corp. (NASDAQ:CLOV) Drops By 7.1%

Clover Health Investments, Corp. (NASDAQ:CLOV) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 15,280,000 shares, a drop of 7.1% from the November 15th total of 16,440,000 shares. Based on an average daily volume of 7,210,000 shares, the days-to-cover ratio is presently 2.1 days.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently modified their holdings of CLOV. Geode Capital Management LLC grew its stake in shares of Clover Health Investments by 21.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,828,701 shares of the company’s stock worth $13,622,000 after purchasing an additional 868,501 shares during the period. State Street Corp increased its stake in shares of Clover Health Investments by 65.0% during the third quarter. State Street Corp now owns 2,189,380 shares of the company’s stock worth $6,174,000 after purchasing an additional 862,621 shares in the last quarter. XTX Topco Ltd acquired a new stake in Clover Health Investments in the 2nd quarter worth about $932,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Clover Health Investments by 75.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,128,171 shares of the company’s stock worth $3,181,000 after acquiring an additional 485,987 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Clover Health Investments in the 3rd quarter valued at $1,228,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Stock Performance

Shares of CLOV stock opened at $3.21 on Wednesday. Clover Health Investments has a fifty-two week low of $0.61 and a fifty-two week high of $4.71. The firm has a market capitalization of $1.61 billion, a PE ratio of -16.05 and a beta of 1.94. The stock’s 50-day simple moving average is $3.63 and its 200-day simple moving average is $2.65.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CLOV shares. UBS Group started coverage on shares of Clover Health Investments in a report on Monday, October 7th. They issued a “neutral” rating and a $4.00 price target on the stock. Craig Hallum initiated coverage on shares of Clover Health Investments in a research note on Tuesday. They set a “buy” rating and a $6.00 price objective for the company.

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.