Clover Health Investments, Corp. (NASDAQ:CLOV) Receives Average Recommendation of “Hold” from Analysts

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) have been given a consensus rating of “Hold” by the five brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $4.25.

CLOV has been the topic of a number of research reports. Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. UBS Group upped their price target on Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group lifted their price objective on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, July 21st.

Clover Health Investments Stock Down 2.5%

Shares of NASDAQ CLOV opened at $4.23 on Thursday. The firm has a 50-day simple moving average of $4.55 and a 200-day simple moving average of $3.09. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -35.25 and a beta of 2.41. Clover Health Investments has a 52 week low of $1.58 and a 52 week high of $5.59.

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

Insiders Place Their Bets

In other news, CEO Andrew Toy sold 313,476 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $5.32, for a total transaction of $1,667,692.32. Following the transaction, the chief executive officer owned 9,609,825 shares of the company’s stock, valued at approximately $51,124,269. The trade was a 3.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 directly owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 715,884 shares of company stock worth $3,202,372. 23.51% of the stock is currently owned by company insiders.

Institutional Trading of Clover Health Investments

Hedge funds and other institutional investors have recently made changes to their positions in the company. Abel Hall LLC acquired a new stake in Clover Health Investments during the fourth quarter worth $27,000. Allworth Financial LP lifted its stake in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after purchasing an additional 6,527 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Clover Health Investments during the 4th quarter worth $29,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Clover Health Investments during the 4th quarter worth $29,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments during the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

About Clover Health Investments

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.