STUTTGART, GERMANY - Aug 16, 2021: Person holding mobile phone with logo of Clover Health Investments Corp. on screen in front of web page. Focus on phone display.
The Clover Health share price has retreated in the past few days as investors refocus on the inverting yield curve and the upcoming earnings season. The CLOV stock is trading at $3.14, a few points below this month’s high of $3.90. In addition, other meme stock companies like AMC, GameStop, and Blackberry have recently seen their stock prices decline.
Clover Health Investments is a Medicare Advantage (MA) company that provides its service to mostly underserved communities. The company’s flagship product is known as the Clover Assistant and is a software built to help healthcare providers improve care for all patients. They can use the assistant to deliver data-driven and personalized care. Its benefits are real-time actionable insights at the point of care and that it is integrated into provider workflows. Clover competes with companies like Anthem, VillageMD, Iora Health, and Alignment Health, among others.
Clover Health has been out of the limelight in the past few weeks. The company has not made any main announcement following its strong results in March. It also announced that Chelsea Clinton had bought shares in the company. She is a director at the company and a member of talent and compensation and nominating and corporate governance committees. Clover Health has also stayed out of the spotlight, considering that it has attracted a few analyst calls this year. SVB Leerink and Credit Suisse downgraded their calls while Canaccord and Cowen boosted their calls.
The next key catalyst for the Clover Health share price will be the upcoming earnings scheduled on March 9. Analysts expect that the company’s revenue rose to $787 million in Q1 from $432 million in the previous quarter. As a result, its loss is expected to narrow from 44 cents to 25 cents.
The daily chart shows that the CLOV stock price has declined for four straight days. It is trading at $3.14, slightly below the 25-day and 50-day exponential moving averages (EMA). It is now approaching the key support level at $3, the highest point on February 2. The money flow index (MFI) has also been in a downward trend.
Therefore, the Clover Health share price will likely keep falling as investors position their portfolios for the upcoming earnings season. If this happens, the next key support to watch will be at $2.5.
This post was last modified on Apr 11, 2022, 10:34 BST 10:34