Clover Health Investments (NASDAQ:CLOV) Raised to Hold at Zacks Research

Clover Health Investments (NASDAQ:CLOV) was upgraded by Zacks Research to a “hold” rating in a report released on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on CLOV. Canaccord Genuity Group boosted their target price 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. UBS Group boosted their price objective on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Wall Street Zen downgraded shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Clover Health Investments in a research note on Thursday, September 10th. They issued a “buy” rating and a $6.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.75.

Clover Health Investments Price Performance

Shares of Clover Health Investments stock opened at $4.66 on Monday. The firm has a 50 day simple moving average of $4.42 and a 200 day simple moving average of $3.59. Clover Health Investments has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The firm has a market cap of $2.48 billion, a P/E ratio of -93.18 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. On average, sell-side analysts expect that Clover Health Investments will post 0.06 EPS for the current year.

Insider Transactions at Clover Health Investments

In other news, 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 transaction, the chief executive officer directly owned 9,609,825 shares in the company, valued at $51,124,269. This trade represents a 3.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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, VP Joseph Frank Oldakowski sold 20,000 shares of Clover Health Investments stock in a transaction on Monday, September 14th. The stock was sold at an average price of $5.16, for a total value of $103,200.00. Following the sale, the vice president directly owned 279,067 shares of the company’s stock, valued at approximately $1,439,985.72. This trade represents a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 428,120 shares of company stock worth $2,211,877 in the last three months. Insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new stake in shares of Clover Health Investments in the 2nd quarter valued at approximately $6,346,000. Tidal Investments LLC acquired a new position in Clover Health Investments during the second quarter valued at approximately $2,156,000. WINTON GROUP Ltd bought a new stake in Clover Health Investments in the second quarter valued at approximately $913,000. California State Teachers Retirement System raised its holdings in Clover Health Investments by 24.1% in the first quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock worth $875,000 after purchasing an additional 96,458 shares during the period. Finally, AXQ Capital LP raised its holdings in Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock worth $768,000 after purchasing an additional 125,708 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

About Clover Health Investments

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.