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Clover Health Investments Corp. (NASDAQ: CLOV): A Blank Check?

Clover Health Investments Corp. (NASDAQ:CLOV) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -1.58% to the previous day’s close as strong demand from buyers drove the stock to $0.99.

Actively observing the price movement in the last trading, the stock closed the session at $1.01, falling within a range of $0.9501 and $1.02. The value of beta (5-year monthly) was 2.00. Referring to stock’s 52-week performance, its high was $3.55, and the low was $0.71. On the whole, CLOV has fluctuated by 35.83% over the past month.

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With the market capitalization of Clover Health Investments Corp. currently standing at about $498.56 million, investors are eagerly awaiting this quarter’s results, scheduled for May 09, 2023.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CLOV’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

6 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 3 analyst(s), 1 recommend it as a Buy and 0 called the CLOV stock Overweight. In the meantime, 1 analyst(s) believe the stock as Underweight and 1 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CLOV currently trading nearly 11.07% and 14.59% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 58.35, while the 7-day volatility ratio is showing 7.14% which for the 30-day chart, stands at 7.12%. Furthermore, Clover Health Investments Corp. (CLOV)’s average true range (ATR) is 0.06.

Data on historical trading for Clover Health Investments Corp. (NASDAQ:CLOV) indicates that the trading volumes over the past 10 days have averaged 6.47 million and over the past 3 months, they’ve averaged 6.75 million. According to company’s latest data on outstanding shares, there are 478.81 million shares outstanding.

Nearly 3.10% of Clover Health Investments Corp.’s shares belong to company insiders and institutional investors own 32.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 39.82 million shares as on Apr 27, 2023, resulting in a short ratio of 7.76. According to the data, the short interest in Clover Health Investments Corp. (CLOV) stood at 8.28% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 32.32 million. The stock has risen by 6.94% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CLOV stock heading into the next quarter.

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