Clover Health Investments (NASDAQ:CLOV) Trading Down 5.8% – Time to Sell?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) dropped 5.8% during trading on Tuesday . The company traded as low as $2.29 and last traded at $2.3450. Approximately 4,565,372 shares traded hands during trading, a decline of 20% from the average daily volume of 5,681,529 shares. The stock had previously closed at $2.49.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLOV. Leerink Partners set a $3.00 price target on shares of Clover Health Investments and gave the company a “market perform” rating in a research report on Tuesday, October 21st. Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Saturday, December 13th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $3.70 price objective on shares of Clover Health Investments in a research note on Tuesday, January 20th. Zacks Research downgraded Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.23.

Clover Health Investments Stock Performance

The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -21.41 and a beta of 2.12. The company has a 50 day moving average price of $2.53 and a 200 day moving average price of $2.76.

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

Institutional Investors Weigh In On Clover Health Investments

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP increased its holdings 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 period. Clarity Wealth Advisors LLC bought a new stake in shares of Clover Health Investments in the 2nd quarter worth approximately $28,000. Fifth Third Bancorp acquired a new position in Clover Health Investments in the second quarter worth about $28,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Clover Health Investments in the 1st quarter valued at $37,000. Finally, Alteri Wealth LLC bought a new stake in Clover Health Investments during the 2nd quarter worth approximately $30,000. 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.