Clover Health Investments, Corp. (NASDAQ:CLOV) to Post Q2 2022 Earnings of ($0.19) Per Share, SVB Leerink Forecasts

Clover Health Investments, Corp. (NASDAQ:CLOV – Get Rating) – Equities research analysts at SVB Leerink lifted their Q2 2022 earnings per share estimates for shares of Clover Health Investments in a report issued on Monday, May 9th. SVB Leerink analyst W. Mayo now forecasts that the company will post earnings of ($0.19) per share for the quarter, up from their previous estimate of ($0.25). SVB Leerink currently has a “Market Perform” rating and a $2.50 price target on the stock. SVB Leerink also issued estimates for Clover Health Investments’ Q3 2022 earnings at ($0.20) EPS, Q4 2022 earnings at ($0.24) EPS, Q1 2023 earnings at ($0.17) EPS, Q2 2023 earnings at ($0.14) EPS, Q3 2023 earnings at ($0.14) EPS, Q4 2023 earnings at ($0.16) EPS, FY2023 earnings at ($0.61) EPS, FY2024 earnings at ($0.38) EPS, FY2025 earnings at ($0.11) EPS and FY2026 earnings at $0.27 EPS.

Clover Health Investments (NASDAQ:CLOV – Get Rating) last released its earnings results on Monday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.18). Clover Health Investments had a negative net margin of 28.64% and a negative return on equity of 112.18%. The firm had revenue of $432.04 million during the quarter, compared to analyst estimates of $412.00 million.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group initiated coverage on shares of Clover Health Investments in a report on Wednesday, February 2nd. They issued a “buy” rating and a $6.00 price objective for the company. Canaccord Genuity Group raised their price target on shares of Clover Health Investments from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, February 24th. Cowen upgraded shares of Clover Health Investments from an “underperform” rating to a “market perform” rating and cut their price target for the stock from $7.00 to $3.00 in a report on Wednesday, February 2nd. Finally, Zacks Investment Research cut shares of Clover Health Investments from a “buy” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Clover Health Investments has an average rating of “Hold” and an average target price of $6.43.

CLOV stock opened at $2.61 on Thursday. The firm has a market cap of $1.24 billion, a P/E ratio of -1.79 and a beta of 1.75. Clover Health Investments has a 52-week low of $1.95 and a 52-week high of $28.85. The company’s 50-day simple moving average is $3.07 and its 200-day simple moving average is $3.76. The company has a quick ratio of 2.02, a current ratio of 1.16 and a debt-to-equity ratio of 0.04.

In other Clover Health Investments news, Director Chelsea Clinton bought 100,000 shares of the business’s stock in a transaction dated Thursday, March 3rd. The shares were acquired at an average price of $2.53 per share, with a total value of $253,000.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lee Shapiro purchased 80,000 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The shares were purchased at an average cost of $3.10 per share, for a total transaction of $248,000.00. The disclosure for this purchase can be found here.

A number of hedge funds have recently made changes to their positions in CLOV. Texas Capital Bank Wealth Management Services Inc. acquired a new position in shares of Clover Health Investments in the 4th quarter valued at about $112,000. Context Advisory LLC purchased a new position in shares of Clover Health Investments in the third quarter worth approximately $48,000. SeaCrest Wealth Management LLC grew its position in Clover Health Investments by 70.2% during the third quarter. SeaCrest Wealth Management LLC now owns 34,030 shares of the company’s stock valued at $251,000 after purchasing an additional 14,030 shares in the last quarter. FNY Investment Advisers LLC grew its position in Clover Health Investments by 3,500.0% in the fourth quarter. FNY Investment Advisers LLC now owns 7,200 shares of the company’s stock worth $26,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Balyasny Asset Management LLC bought a new stake in Clover Health Investments in the third quarter worth approximately $1,351,000. 23.26% of the stock is owned by institutional investors.

About Clover Health Investments (Get Rating)

Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses.

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