Clover Health Investments Corp. (NASDAQ: CLOV) Is Down -2.94% Year-To-Date, But There Is Speculation That It Will Rally

Clover Health Investments Corp. (NASDAQ:CLOV) traded at $0.90 at close of the session on Friday, 06/16/23, made a downward move of -9.30% on its previous day’s price.

Looking at the stock we see that its previous close was $0.99 with the day’s price range being $0.8922 – $1.02. In terms of its 52-week price range, CLOV has a high of $3.55 and a low of $0.71. The company’s stock has lost about -14.89% over that past 30 days.

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Clover Health Investments Corp. has a market cap of $480.20 million. Estimates by analysts give the company expected earnings per share (EPS) of -$0.15, with the EPS growth for the year raised at -$0.58 for 2023 and -$0.4 for next year. These figures represent 59.20% and 31.00% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $490.82 million, with a low of $474.22 million and a high of $515.78 million. The median projection represents growth adding up to -42.00% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2023 is expected to hit $2 billion, or -42.50% down from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the CLOV stock, short term indicators assign the stock an average of 50% Sell, while medium term indicators assign it an average of 50% Sell. Long term indicators on average place the stock in the category of 100% Sell.

Based on estimates by 6 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 3 have rated the Clover Health Investments Corp. (CLOV) stock as a Hold, while 1 rate it as a Buy. 0 analyst(s) rate it as overweight while 1 of them rated it as underweight, whereas 1 suggest the stock as a Sell. The stock has an overall rating of Hold and investors could take advantage and scoop up stock of the company.

Looking further, we note the current price level is -7.33% off its SMA20 and 1.09% from its 50-day simple moving average. The RSI (14) is pointing at 46.21 while the volatility over the past week is 9.38% and jumps to 8.53% over the past one month. The average price target for the stock over the next 12 months is $1.46, with the estimates having a low of $0.75 and a high of $3.00. These price ends are 16.67% and -233.33% off the current price level respectively, although investors could be excited at the prospect of a -25.56% if the CLOV share price touches on the median price of $1.13.

Coming back to Clover Health Investments Corp. (NASDAQ:CLOV), we note that the average 3-month trading volume was 6.59 million, while that of the preceding 10-day period stands at 10.06 million. Current shares outstanding are 478.81 million.

The insiders hold 3.10% of the company’s shares while institutions hold 32.50%. The data shows that short shares as of May 30, 2023, stood at 34.78 million at a short ratio of 4.69. This represents a 7.21% short interest in shares outstanding on May 30, 2023. Shares short fall in May from the previous month at 39.82 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock -2.94% down in year-to-date price movement.