Clover Health Investments (NASDAQ:CLOV) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Clover Health Investments (NASDAQ:CLOV) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday.

A number of other equities research analysts have also recently commented on CLOV. UBS Group lifted their target price on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group raised their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Clover Health Investments has a consensus rating of “Hold” and a consensus target price of $4.33.

Clover Health Investments Trading Down 0.9%

Shares of CLOV opened at $4.23 on Friday. The stock has a 50 day moving average of $4.72 and a 200 day moving average of $3.27. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -84.58 and a beta of 2.48. Clover Health Investments has a 12 month low of $1.58 and a 12 month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, VP Joseph Frank Oldakowski sold 12,102 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total value of $58,815.72. Following the completion of the sale, the vice president directly owned 299,067 shares of the company’s stock, valued at $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 Andrew Toy sold 313,476 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the completion of the sale, the chief executive officer directly owned 9,609,825 shares of the company’s stock, valued at $51,124,269. This represents a 3.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 638,483 shares of company stock valued at $3,035,848. Company insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors have recently added to or reduced their stakes in the business. Abel Hall LLC bought a new stake in Clover Health Investments during the 4th quarter valued at $27,000. Allworth Financial LP lifted its position in shares of Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Clover Health Investments in the fourth quarter worth $29,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Clover Health Investments in the fourth quarter worth $29,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Clover Health Investments in the second quarter valued at $31,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.