Clover Health Investments, Corp. (NASDAQ:CLOV) Given Consensus Recommendation of “Hold” by Brokerages

Clover Health Investments, Corp. (NASDAQ:CLOV) has been given an average recommendation of “Hold” by the five research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $3.8167.

Several brokerages recently weighed in on CLOV. Canaccord Genuity Group increased their price objective on shares of Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a report on Thursday, June 4th. UBS Group upped their target price on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th.

Insider Buying and Selling

In other news, CEO Conrad Wai sold 220,426 shares of Clover Health Investments stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $3.99, for a total transaction of $879,499.74. Following the transaction, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 shares were sold at an average price of $4.86, for a total transaction of $58,815.72. Following the completion of the sale, the vice president owned 299,067 shares of the company’s stock, valued at approximately $1,453,465.62. This represents a 3.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 quarter, insiders sold 715,884 shares of company stock valued at $3,202,372. 23.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors have recently modified their holdings of the business. AQR Capital Management LLC acquired a new position in shares of Clover Health Investments in the 1st quarter valued at approximately $49,000. Integrated Wealth Concepts LLC bought a new position in Clover Health Investments in the first quarter valued at approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Clover Health Investments by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company’s stock valued at $3,070,000 after buying an additional 24,807 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments in the second quarter valued at approximately $31,000. Finally, JPMorgan Chase & Co. increased its position in shares of Clover Health Investments by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company’s stock worth $1,768,000 after acquiring an additional 186,047 shares in the last quarter. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Stock Performance

Shares of NASDAQ:CLOV opened at $5.26 on Friday. The stock has a market capitalization of $2.77 billion, a P/E ratio of -43.83 and a beta of 2.41. Clover Health Investments has a 1-year low of $1.58 and a 1-year high of $5.59. The business has a 50-day moving average price of $3.98 and a two-hundred day moving average price of $2.82.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results 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). Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. The business had revenue of $749.19 million for the quarter, compared to analyst estimates of $714.89 million.

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.