Clover Health Investments, Corp.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Clover Health Investments, Corp.'s SEC filings, named by the month they end. Fiscal years: Clover Health Investments, Corp.'s annual reports to the SEC.

How it makes money

The company loses $4.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Clover Health Investments, Corp.'s annual reports to the SEC.

How much of each premium goes to care?

Clover Health Investments paid out 84.1% of the premiums it earned as medical costs in the quarter to Sep 2026, against 88.4% in the same quarter a year earlier. Over the last four quarters it earned $2.7B in premiums, up 56.4% on the four quarters before, and paid out 81.8% of them.

From Clover Health Investments, Corp.'s SEC filings: claims and benefits incurred over premiums earned, by quarter, the fourth being the year minus nine months. What is left of the premiums pays for running the plans, before any profit.

Customers and suppliers

In its latest annual report Clover Health Investments buys from Amazon, Alphabet, UnitedHealth Group and 5 more.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 6

Suppliers

Alphabet GOOGL

Amazon AMZN

UnitedHealth Group UNH

CarePoint Health

C

Credo

Guidehealth

Thyme Care

UST HealthProof

 

CLOVClover Health Investments

Partners

Thyme CareClover Health Investments invested in it · Equity investment1,773,049 shares, less than 5% of class A common stock; $3.9 million fair value at December 31, 2025

CCharacter BiosciencesClover Health Investments invested in it · Non-controlling equity investmentApproximately 8.1% ownership at December 31, 2025

Changes since the previous annual report (10-K filed Mar 3, 2025)

GuidehealthNamed for the first time, as a supplier$1.2 million recognized expense in 2025

CCharacter BiosciencesPartner, share of ownership23.92% → 8.1%

Only the companies Clover Health Investments names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 488x, above the peer median of 18.3x, so it needs earnings to keep growing to hold up.

Priced 2573% above the peer median of 18.3x.

What analysts expect

The average analyst price target is $5.60, 15% above the current price; 60% of 5 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 3 analysts (60%). Sell or Strong Sell: 0.

Since Jun 11, 2026 the average of the analysts' latest price targets went from $3.82 to $5.67 (+48%), while CLOV went from $4.90 to $4.88 (0%). In the past three months targets were raised once and never cut. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved 0.0% (Dec 2025, in line); +8.0% (Mar 2026, in line); +9.1% (Jun 2026, beat); +4.4% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.03 a share, against a loss of $0.05 a year earlier, and revenue of $734M, up 51% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $3.7B, up 23% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $132M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Clover Health Investments had 557M diluted shares in the quarter ended Sep 2026, 8.7% more than a year earlier, and 7.4% more each year on average since Mar 2021.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.5, short-term debt is manageable.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 fund whose copy leaves CLOV out (on the exchange, not in the app yet): Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held CLOV at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares and 1 held the same. The largest of them is Renaissance Technologies, 4.55M shares worth $19.6M at Sep 30, 2026, 62.2% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CLOV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $3.8M of CLOV on the open market in the 12 months to Nov 11, 2026; none bought. 72% of the sales were made under 10b5-1 plans, set up in advance. The largest was Conrad Wai (CEO, Counterpart Health), who sold $2.3M in 2 sales.

From the Form 4s filed with the SEC about Clover Health Investments, Corp. (85 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 71 other transactions (grants, option exercises, shares withheld for tax and shares sold to pay tax).