Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up prior to trading on Wednesday . The stock had previously closed at $4.29, but opened at $4.56. Clover Health Investments shares last traded at $4.8470, with a volume of 6,076,837 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CLOV shares. Leerink Partners decreased their target price on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, March 5th. Canaccord Genuity Group upped their target price on shares of Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Clover Health Investments currently has an average rating of “Hold” and an average price target of $3.23.

Clover Health Investments Stock Performance

The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -40.20 and a beta of 2.54. The company’s fifty day simple moving average is $2.86 and its two-hundred day simple moving average is $2.50.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The company had revenue of $749.19 million during the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Insider Activity

In other news, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the sale, the director owned 285,432 shares in the company, valued at approximately $976,177.44. This represents a 19.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brady Patrick Priest sold 98,039 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the sale, the chief executive officer owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. This trade represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 385,625 shares of company stock worth $1,454,284. 23.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Clover Health Investments

A number of institutional investors and hedge funds have recently modified their holdings of CLOV. Divisadero Street Capital Management LP acquired a new stake in shares of Clover Health Investments during the third quarter worth $8,470,000. Bank of America Corp DE raised its holdings in shares of Clover Health Investments by 217.5% during the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock worth $11,196,000 after purchasing an additional 2,748,783 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Clover Health Investments by 69.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock worth $8,542,000 after purchasing an additional 1,494,043 shares during the period. First Trust Advisors LP acquired a new stake in shares of Clover Health Investments during the second quarter worth $4,149,000. Finally, UBS Group AG raised its holdings in shares of Clover Health Investments by 155.5% during the third quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock worth $6,983,000 after purchasing an additional 1,388,761 shares during the period. 19.77% of the stock is owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

Clover Health Investments is a technology-driven healthcare company specializing in Medicare Advantage plans for senior populations. The company combines insurance coverage with a proprietary software platform to improve care coordination, outcomes tracking and cost management. By leveraging data analytics, Clover Health aims to deliver personalized care pathways and preventive interventions for its members.

At the core of Clover’s offering is its Clover Assistant platform, which aggregates clinical and claims data from multiple sources to create real-time insights for physicians and care teams.