Canaccord Genuity Group Reiterates Buy Rating for Clover Health Investments (NASDAQ:CLOV)

Clover Health Investments (NASDAQ:CLOV)‘s stock had its “buy” rating reissued by Canaccord Genuity Group in a research report issued on Tuesday,Benzinga reports. They currently have a $3.70 target price on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 44.19% from the stock’s previous close.

CLOV has been the subject of a number of other reports. Leerink Partners set a $3.00 price target on Clover Health Investments and gave the stock a “market perform” rating in a report on Tuesday, October 21st. Zacks Research cut shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.23.

Clover Health Investments Stock Performance

Shares of NASDAQ CLOV traded up $0.03 during mid-day trading on Tuesday, reaching $2.57. 1,832,262 shares of the company traded hands, compared to its average volume of 5,724,059. The company’s fifty day moving average is $2.52 and its two-hundred day moving average is $2.77. Clover Health Investments has a fifty-two week low of $2.12 and a fifty-two week high of $4.87. The stock has a market cap of $1.33 billion, a PE ratio of -23.41 and a beta of 2.12.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Tuesday, November 4th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.07). The firm had revenue of $496.65 million during the quarter, compared to the consensus estimate of $467.18 million. Clover Health Investments had a negative return on equity of 16.79% and a negative net margin of 3.29%. Research analysts forecast that Clover Health Investments will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp acquired a new position in shares of Clover Health Investments during the second quarter worth approximately $28,000. Clarity Wealth Advisors LLC acquired a new position in shares of Clover Health Investments during the second quarter valued at $28,000. Allworth Financial LP lifted its stake 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 valued at $29,000 after acquiring an additional 6,527 shares during the period. Alteri Wealth LLC bought a new position in Clover Health Investments in the second quarter valued at about $30,000. Finally, Envestnet Asset Management Inc. acquired a new position in Clover Health Investments during the 2nd quarter valued at about $31,000. 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.