Canaccord Genuity Group Issues Positive Forecast for Clover Health Investments (NASDAQ:CLOV) Stock Price

Clover Health Investments (NASDAQ:CLOV) had its target price increased by stock analysts at Canaccord Genuity Group from $4.20 to $5.50 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 22.22% from the stock’s previous close.

Several other analysts also recently weighed in on CLOV. UBS Group lifted their price objective on Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a report on Thursday, June 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.25.

Clover Health Investments Stock Down 2.6%

CLOV opened at $4.50 on Tuesday. The stock’s fifty day moving average is $4.41 and its two-hundred day moving average is $2.99. The company has a market capitalization of $2.37 billion, a P/E ratio of -37.50 and a beta of 2.41. Clover Health Investments has a 52 week low of $1.58 and a 52 week high of $5.59.

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

Insider Buying and Selling at Clover Health Investments

In other news, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the transaction, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. The trade was a 13.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total value of $58,815.72. Following the sale, the vice president owned 299,067 shares of the company’s stock, valued at $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last three months, insiders have sold 715,884 shares of company stock worth $3,202,372. 23.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

A number of large investors have recently added to or reduced their stakes in CLOV. Bank of America Corp DE boosted its stake in Clover Health Investments by 217.5% in the 2nd quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock worth $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Clover Health Investments by 69.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock worth $8,542,000 after purchasing an additional 1,494,043 shares during the last quarter. First Trust Advisors LP acquired a new position in Clover Health Investments during the 2nd quarter valued at approximately $4,149,000. UBS Group AG increased its stake in Clover Health Investments by 155.5% during the 3rd quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock valued at $6,983,000 after purchasing an additional 1,388,761 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Clover Health Investments by 105.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,781,239 shares of the company’s stock worth $4,186,000 after buying an additional 914,829 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors.

About Clover Health Investments

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.