PNC Financial Services Group Inc. Decreases Stock Holdings in Clover Health Investments, Corp. (NASDAQ:CLOV)

PNC Financial Services Group Inc. reduced its holdings in Clover Health Investments, Corp. (NASDAQ:CLOV) by 4.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,810,668 shares of the company’s stock after selling 199,998 shares during the period. PNC Financial Services Group Inc. owned approximately 0.97% of Clover Health Investments worth $13,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in Clover Health Investments in the second quarter worth about $932,000. Choreo LLC purchased a new position in shares of Clover Health Investments in the 2nd quarter worth approximately $344,000. Squarepoint Ops LLC raised its holdings in Clover Health Investments by 220.7% during the 2nd quarter. Squarepoint Ops LLC now owns 130,352 shares of the company’s stock valued at $160,000 after buying an additional 238,329 shares during the period. Bayesian Capital Management LP bought a new stake in Clover Health Investments in the first quarter worth $142,000. Finally, Canada Pension Plan Investment Board bought a new stake in Clover Health Investments in the second quarter worth $203,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Clover Health Investments Stock Performance

Shares of CLOV stock opened at $3.37 on Friday. The stock has a 50 day moving average price of $3.59 and a 200 day moving average price of $2.35. Clover Health Investments, Corp. has a 52-week low of $0.61 and a 52-week high of $4.71. The firm has a market capitalization of $1.69 billion, a P/E ratio of -16.85 and a beta of 2.03.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Wednesday, November 6th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates 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. As a group, sell-side analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

Separately, UBS Group began coverage on shares of Clover Health Investments in a research report on Monday, October 7th. They set a “neutral” rating and a $4.00 price objective on the stock.

Clover Health Investments 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.