Traders Buy High Volume of Call Options on Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments, Corp. (NASDAQ:CLOV) saw some unusual options trading activity on Tuesday. Stock traders purchased 76,011 call options on the stock. This represents an increase of approximately 128% compared to the typical volume of 33,410 call options.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CLOV shares. Leerink Partners set a $3.00 target price on Clover Health Investments and gave the company a “market perform” rating in a report on Tuesday, October 21st. Zacks Research downgraded shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Canaccord Genuity Group decreased 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. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.23.

Institutional Trading of Clover Health Investments

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted 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 worth $27,467,000 after purchasing an additional 4,812,368 shares during the last quarter. Millennium Management LLC increased its position in Clover Health Investments by 365.9% in the 1st quarter. Millennium Management LLC now owns 5,804,006 shares of the company’s stock worth $20,836,000 after buying an additional 4,558,305 shares during the period. Divisadero Street Capital Management LP bought a new position in Clover Health Investments in the 3rd quarter worth approximately $8,470,000. Bank of America Corp DE lifted its holdings in shares of Clover Health Investments by 217.5% during the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock worth $11,196,000 after buying an additional 2,748,783 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Clover Health Investments in the second quarter worth $4,149,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Stock Down 3.5%

CLOV stock opened at $2.50 on Thursday. Clover Health Investments has a fifty-two week low of $2.12 and a fifty-two week high of $4.87. The firm’s 50-day simple moving average is $2.60 and its 200 day simple moving average is $2.78. The stock has a market cap of $1.29 billion, a PE ratio of -22.73 and a beta of 2.12.

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

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.