Clover Health Investments Corp. (NASDAQ:CLOV) finished Wednesday with a subtraction of -$0.03 to close at $1.36, a downside of -2.16 percent. An average of 8,978,913 shares of common stock have been traded in the last five days. There was a gain of $0.0389 in the past week, and it reached a new high 1 time over the past 12 months. The last 20 days have seen an average of 6,555,998 shares traded, while the 50-day average volume stands at 10,267,459.
CLOV stock has increased by 47.83% in the last month. The company shares reached their 1-month lowest point of $0.8880 on 07/11/23. With the stock rallying to its 52-week high on 08/09/23, shares of the company touched a low of $0.71 and a high of $3.50 in 52 weeks. It has reached a new high 12 times so far this year and achieved 46.32% or $0.4594 in price. In spite of this, the price is down -61.14% from the 52-week high.
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Valuation Metrics
Clover Health Investments Corp. (CLOV) stock’s beta is 1.97. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 0.21, the price-to-book (PB) ratio at 2.03.
Financial Health
The quick ratio of Clover Health Investments Corp. for the three months ended June 29 was 1.10, and the current ratio was 1.10, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the quarter ending June 29. Its gross profit as reported stood at $22.73 million compared to revenue of $3.48 billion.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Clover Health Investments Corp.’s return on assets was -22.90%.
Earnings Surprise
In the quarter under review, the net income was down than the previous quarter. The company posted a net income of -$28.81 million in the quarter, while revenues of -$72.61 million were shrunk -261.61%. The analyst consensus anticipated Clover Health Investments Corp.’s latest quarter earnings to come in at -$0.15 per share, but it turned out to be -$0.06, a 60.00% surprise. For the quarter, EBITDA amounted to -$29.03 million. At the end of the quarter ending June 29, Clover Health Investments Corp.’s stock balance sheet showed total liabilities of 927.43 million. Shareholders own equity worth $484.86 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Clover Health Investments Corp. (CLOV) price momentum. RSI 9-day as of the close on 09 August was 70.15%, suggesting the stock is Overbought, with historical volatility in this time frame at 71.07%.
As of today, CLOV’s price is $1.3378 +2.88% or $0.0389 from its 5-day moving average. CLOV is currently trading +41.99% higher than its 20-day SMA and +48.59% higher than its 100-day SMA. However, the stock’s current price level is +61.07% above the SMA50 and -4.87% below the SMA200.
The stochastic %K and %D were 67.10% and 71.60%, respectively, and the average true range (ATR) was 0.1371. With the 14-day stochastic at 57.70% and the average true range at 0.1194, the RSI (14) stands at 68.28%. The stock has reached 0.0531 on the 9-day MACD Oscillator while the 14-day reading was at 0.1254.
Analyst Ratings
Cowen upgraded Clover Health Investments Corp. (NASDAQ: CLOV) to a a Market perform rating in its most recent analyst report. Previously, the stock was rated as an Underperform. The consensus rating for Clover Health Investments Corp. (CLOV) among analysts is Hold. According to current brokerage recommendations, 1 brokerage firm advise that investors sell CLOV, while 3 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 1 others rate it as a “buy”.
What is CLOV’s price target for the next 12 months?
Analysts predict a range of price targets between $0.90 and $3.00, with a median target of $1.13. Taking a look at these predictions, the average price target given by analysts for Clover Health Investments Corp. (CLOV) stock is $1.48.
