Clover Health Investments Corp. Touches $1.00: Is The Risk Worth It For This Price?

Clover Health Investments Corp. (NASDAQ:CLOV) price on Wednesday, June 07, fall -2.91% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $1.00.

A look at the stock’s price movement, the close in the last trading session was $1.03, moving within a range at $0.9613 and $1.07. Turning to its 52-week performance, $3.55 and $0.71 were the 52-week high and 52-week low respectively. Overall, CLOV moved 14.08% over the past month.

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Clover Health Investments Corp.’s market cap currently stands at around $462.90 million. Analysts project the company’s earnings per share (EPS) to be -$0.15, which has seen fiscal year 2023 EPS growth forecast to increase to -$0.58 and about -$0.4 for fiscal year 2024. Per the data, EPS growth is expected to be 59.20% for 2023 and 31.00% for the next financial year.

Analysts have a consensus estimate of $490.82 million for the company’s revenue for the quarter, with a low and high estimate of $474.22 million and $515.78 million respectively. The average forecast suggests down to a -42.00% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $2 billion, representing a -42.50% decline on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that CLOV is a Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.

CLOV’s current price about 3.10% and 14.68% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 57.02, while 7-day volatility ratio is 9.93% and 8.28% in the 30-day chart. Further, Clover Health Investments Corp. (CLOV) has a beta value of 0, and an average true range (ATR) of 0.07.

In the market, a comparison of Clover Health Investments Corp. (CLOV) and its peers suggest the former has performed considerably weaker. Data shows CLOV’s intraday price has changed -2.91% in last session and -60.32% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -0.38% and 0.27% respectively in the last trading.

If we refocus on Clover Health Investments Corp. (NASDAQ:CLOV), historical trading data shows that trading volumes averaged 7.86 million over the past 10 days and 6.42 million over the past 3 months. The company’s latest data on shares outstanding shows there are 478.81 million shares.

The 3.10% of Clover Health Investments Corp.’s shares are in the hands of company insiders while institutional holders own 32.50% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 37.55 million on May 14, 2023, giving us a short ratio of 5.28. The data shows that as of May 14, 2023 short interest in Clover Health Investments Corp. (CLOV) stood at 7.78% of shares outstanding, with shares short rising to 35.96 million registered in Apr 13, 2023. Current price change has pushed the stock 7.58% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CLOV stock continues to rise going into the next quarter.