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

Clover Health Investments (NASDAQ:CLOV) had its target price upped by investment analysts at UBS Group from $5.00 to $5.50 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group‘s price target would indicate a potential upside of 22.77% from the company’s previous close.

Other analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft assumed coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a “buy” rating and a $6.00 price objective for the company. Zacks Research raised shares of Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Needham & Company LLC reaffirmed a “buy” rating on shares of Clover Health Investments in a research note on Thursday. Wall Street Zen cut shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.10.

Clover Health Investments Trading Down 4.5%

CLOV stock traded down $0.21 during midday trading on Thursday, hitting $4.48. 8,242,341 shares of the company’s stock were exchanged, compared to its average volume of 5,824,737. The business has a 50-day simple moving average of $4.52 and a two-hundred day simple moving average of $3.57. The stock has a market capitalization of $2.38 billion, a PE ratio of -89.58 and a beta of 2.52. Clover Health Investments has a 1-year low of $1.58 and a 1-year high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, November 4th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. The company had revenue of $759.30 million for the quarter, compared to the consensus estimate of $740.07 million. As a group, research analysts expect that Clover Health Investments will post 0.06 EPS for the current fiscal year.

Insider Transactions at Clover Health Investments

In other news, CEO Conrad Wai sold 300,000 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $4.72, for a total transaction of $1,416,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,170,056 shares in the company, valued at $5,522,664.32. This trade represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Frank Oldakowski sold 20,000 shares of Clover Health Investments stock in a transaction on Monday, September 14th. The shares were sold at an average price of $5.16, for a total value of $103,200.00. Following the completion of the sale, the vice president directly owned 279,067 shares of the company’s stock, valued at $1,439,985.72. The trade was a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 company insiders.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vise Technologies Inc. acquired a new position in Clover Health Investments in the 3rd quarter valued at about $115,000. State of Wyoming increased its stake in Clover Health Investments by 20.1% during the third quarter. State of Wyoming now owns 94,729 shares of the company’s stock worth $408,000 after purchasing an additional 15,857 shares during the period. Sterling Capital Management LLC lifted its position in shares of Clover Health Investments by 847.9% during the third quarter. Sterling Capital Management LLC now owns 14,000 shares of the company’s stock worth $60,000 after purchasing an additional 12,523 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Clover Health Investments by 223.4% during the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock worth $47,000 after purchasing an additional 7,498 shares in the last quarter. Finally, Ballew Advisors Inc acquired a new stake in shares of Clover Health Investments during the third quarter worth about $44,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.