In the current trading session, Clover Health Investments Corp. (CLOV) stock has surged by 17.97% to the price of $10.70 at the time of writing. CLOV’s stock previously closed the session at $9.24. The CLOV stock volume traded for 60.4 million shares. The average trading volume for the past 3 months of CLOV stock has been 24.15 million. In the past week the shares have rallied by 7.19%. In the past three and six months, the shares shed -41.37% and -9.41% respectively. Furthermore, Clover health Investment Corp. is currently valued at $3.64 billion and has 145.35 million outstanding shares.
Clover Health Investment Corp.
Clover Health is a healthcare technology company that specifically focuses on providing its clients with medical solutions that allow them to live their healthiest lives. The company’s operational platform consists of a proprietary technology which structures health and behavioral data for the improvement of medical outcomes while providing cost-efficiency. This helps the company align the needs of its clients’ health with its business model. Clover Health has a network of doctors and members with whom it collaborates and teams up to integrate its business activities. The doctors and physicians help identify risks and assist in the coordination of health outcomes.
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Furthermore, Clover Health Investments, Corp. functions as a Medicare Advantage insurer domestically operating in USA. Clover Healthprovides customized provider organization and health maintenance plans through its software platform for clients that are eligible for medicare. The company was founded in 2012 and has established its headquarter in the region of Franklin, Tennessee.
When will the company report its first quarter 2021 financial result?
On 28th April 2021, the company announced that it will be reporting its financial result for the first quarter of 2021 on 17th May 2021. The report will be announced prior to the market opening on Monday. Furthermore, the Clover health’s management team has set 8:30 am ET as the time for hosting the conference call on the set date for discussing the results.
Why are there investigations going on into Clover Health?
However this is not all the news that is being centered on the healthcare company; recently a lawsuit has been filed by the Robbins LLP for investigating Clover Health for breaching its fiduciary duties through violation of Securities Exchange Act of 1934.
This lawsuit followed the many lawsuits that were filed prior to it. The investigation trigger happened when on 4th February 2021, Hindenberg Research revealed in a report that the Wallstreet celebrity promoter and the company has misled its investors regarding information about the company’s business activity up till the SPAC go-public transaction that occurred in January. The SPAC-deal occurred between Clover Health and Social Capital Hedosophia Holdings Corp. III (SCH) on 7th January 2021.
Hindenberg has unmasked news behind software offering and business model of Clover Health which is under investigation by the Department of Justice (DOJ) for illicit marketing practices and 3rd party deals. This investigative news and lawsuits have caused the CLOV stock to tumble at the time of reveal.