Clover Health Investments (NASDAQ:CLOV) Stock Price Up 11.3% – Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price traded up 11.3% during mid-day trading on Thursday . The stock traded as high as $4.02 and last traded at $3.9950. 3,224,542 shares were traded during trading, a decline of 47% from the average session volume of 6,121,653 shares. The stock had previously closed at $3.59.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Leerink Partners cut their price objective 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. Canaccord Genuity Group cut their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a report on Friday, March 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Finally, Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Clover Health Investments has a consensus rating of “Hold” and a consensus target price of $2.90.

Clover Health Investments Price Performance

The business has a 50 day moving average price of $2.49 and a 200 day moving average price of $2.40. The firm has a market capitalization of $2.15 billion, a P/E ratio of -33.86 and a beta of 2.44.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $749.19 million during 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%. As a group, equities analysts expect that Clover Health Investments, Corp. will post -0.02 EPS for the current year.

Insider Transactions at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the transaction, the chief executive officer owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. This represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the transaction, the director owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 340,199 shares of company stock worth $954,534 over the last quarter. 23.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after acquiring an additional 6,527 shares during the period. Integrated Wealth Concepts LLC bought a new position in Clover Health Investments during the first quarter valued at about $37,000. Envestnet Asset Management Inc. bought a new position in Clover Health Investments during the second quarter valued at about $31,000. Abel Hall LLC bought a new position in Clover Health Investments during the fourth quarter valued at about $27,000. Finally, Quadrature Capital Ltd bought a new position in Clover Health Investments during the fourth quarter valued at about $29,000. 19.77% of the stock is currently owned by institutional investors.

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.