Clover Health Investments (NASDAQ:CLOV) Stock Breaks Below Fifty Day Moving Average – Here’s Why

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $4.51 and traded as low as $4.34. Clover Health Investments shares last traded at $4.46, with a volume of 4,650,319 shares.

Analysts Set New Price Targets

CLOV has been the topic of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. Needham & Company LLC began coverage on shares of Clover Health Investments in a research note on Wednesday. They issued a “buy” rating and a $6.00 price objective for the company. Wall Street Zen lowered shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. Zacks Research upgraded shares of Clover Health Investments to a “hold” rating in a report on Monday, September 14th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Clover Health Investments in a research report on Thursday, September 10th. They set a “buy” rating and a $6.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.00.

Clover Health Investments Trading Down 2.6%

The company’s fifty day moving average is $4.51 and its 200-day moving average is $3.54. The firm has a market capitalization of $2.37 billion, a P/E ratio of -89.18 and a beta of 2.45.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. On average, equities research analysts anticipate that Clover Health Investments, Corp. will post 0.06 EPS for the current year.

Insider Activity

In other news, insider Karen Soares sold 19,275 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $4.66, for a total value of $89,821.50. Following the sale, the insider directly owned 1,573,423 shares of the company’s stock, valued at approximately $7,332,151.18. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Conrad Wai sold 23,627 shares of Clover Health Investments stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $4.68, for a total value of $110,574.36. Following the completion of the transaction, the chief executive officer owned 1,042,072 shares in the company, valued at $4,876,896.96. The trade was a 2.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 856,371 shares of company stock valued at $3,870,740 over the last three months. 23.51% of the stock is currently owned by insiders.

Institutional Trading of Clover Health Investments

Several hedge funds have recently added to or reduced their stakes in CLOV. Nisa Investment Advisors LLC increased its stake in shares of Clover Health Investments by 223.4% in the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock valued at $47,000 after buying an additional 7,498 shares in the last quarter. Kestra Private Wealth Services LLC raised its holdings in shares of Clover Health Investments by 44.1% in the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock valued at $43,000 after buying an additional 7,500 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Clover Health Investments during the 2nd quarter worth about $42,000. Nykredit A S acquired a new position in Clover Health Investments during the 2nd quarter worth about $45,000. Finally, USAdvisors Wealth Management LLC lifted its position in Clover Health Investments by 40.0% during the 1st quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company’s stock worth $60,000 after buying an additional 10,000 shares in the last quarter. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.