Clover Health Investments (NASDAQ:CLOV) Hits New 1-Year High – What’s Next?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $4.29 and last traded at $4.3350, with a volume of 1349789 shares traded. The stock had previously closed at $3.92.

Analyst Ratings Changes

Several brokerages have issued reports on CLOV. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday. Canaccord Genuity Group increased their price target on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a report on Thursday, June 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Finally, Leerink Partners lowered their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.23.

Clover Health Investments Stock Up 7.0%

The firm has a fifty day simple moving average of $2.81 and a 200-day simple moving average of $2.48. The company has a market capitalization of $2.21 billion, a P/E ratio of -34.87 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The firm had revenue of $749.19 million for the quarter, compared to the consensus estimate 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 Buying and Selling at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 98,039 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the sale, the chief executive officer owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the sale, the director owned 285,432 shares in the company, valued at $976,177.44. The trade was a 19.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 385,625 shares of company stock worth $1,454,284. Corporate insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after acquiring an additional 425,904 shares in the last quarter. Geode Capital Management LLC grew its stake in Clover Health Investments by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 9,791,208 shares of the company’s stock valued at $23,013,000 after purchasing an additional 70,801 shares in the last quarter. State Street Corp grew its stake in Clover Health Investments by 4.1% in the fourth quarter. State Street Corp now owns 9,320,183 shares of the company’s stock valued at $21,902,000 after purchasing an additional 368,507 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Clover Health Investments by 9.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,690,904 shares of the company’s stock valued at $11,024,000 after purchasing an additional 419,389 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. Institutional investors 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.