Clover Health Investments (NASDAQ:CLOV) Price Target Raised to $5.50

Clover Health Investments (NASDAQ:CLOV) had its price target upped by Canaccord Genuity Group from $4.20 to $5.50 in a report released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently commented on CLOV. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. UBS Group lifted their target price on Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a report on Thursday, June 11th. Finally, Wall Street Zen raised Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.25.

Clover Health Investments Stock Performance

CLOV opened at $4.55 on Tuesday. Clover Health Investments has a 1 year low of $1.58 and a 1 year high of $5.59. The company’s 50 day simple moving average is $4.49 and its 200 day simple moving average is $3.04. The stock has a market capitalization of $2.40 billion, a PE ratio of -37.91 and a beta of 2.41.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The company had revenue of $749.19 million for the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.

Insider Activity at Clover Health Investments

In other news, VP Joseph Frank Oldakowski sold 12,102 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $4.86, for a total value of $58,815.72. Following the completion of the sale, the vice president owned 299,067 shares of the company’s stock, valued at $1,453,465.62. This represents a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, CEO Brady Patrick Priest sold 98,039 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the transaction, the chief executive officer directly owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. This represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 715,884 shares of company stock valued at $3,202,372 over the last quarter. Company insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds have recently modified their holdings of the stock. Abel Hall LLC acquired a new position in Clover Health Investments during the 4th quarter worth approximately $27,000. Allworth Financial LP grew its position in Clover Health Investments by 218.9% in 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 in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Clover Health Investments during the fourth quarter valued at approximately $29,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments during the fourth quarter valued at approximately $29,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments during the second quarter worth $31,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.