Clover Health Investments (NASDAQ:CLOV) Reaches New 52-Week Low – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $1.72 and last traded at $1.7250, with a volume of 218626 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. Leerink Partners cut their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, March 5th. Finally, Canaccord Genuity Group decreased their target price on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a report on Friday, March 20th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Clover Health Investments currently has a consensus rating of “Hold” and a consensus price target of $2.90.

Clover Health Investments Trading Down 0.9%

The firm has a 50-day simple moving average of $2.10 and a two-hundred day simple moving average of $2.53. The company has a market capitalization of $910.30 million, a price-to-earnings ratio of -10.21 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $487.71 million during the quarter, compared to analysts’ expectations of $467.06 million. Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%. Equities research analysts anticipate that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the transaction, the chief executive officer owned 1,998,584 shares in the company, valued at $4,336,927.28. The trade was a 8.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 24.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clover Health Investments

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Abel Hall LLC purchased a new position in shares of Clover Health Investments in the 4th quarter valued at $27,000. Allworth Financial LP boosted its stake in Clover Health Investments by 218.9% during the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after purchasing an additional 6,527 shares during the period. Quadrature Capital Ltd acquired a new position in Clover Health Investments in the fourth quarter valued at $29,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments in the fourth quarter valued at about $29,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments during the second quarter worth about $31,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.