Clover Health Investments (NASDAQ:CLOV) Hits New 12-Month High – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV) shares reached a new 52-week high on Monday . The company traded as high as $5.22 and last traded at $5.09, with a volume of 1557255 shares traded. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CLOV shares. Leerink Partners reduced their price objective on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, March 5th. Wall Street Zen raised Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Canaccord Genuity Group increased their price target on Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, UBS Group raised their price objective on Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. One investment 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.82.

Clover Health Investments Price Performance

The company’s 50-day moving average price is $3.36 and its two-hundred day moving average price is $2.64. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -43.04 and a beta of 2.54.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $714.89 million.

Insiders Place Their Bets

In related news, CEO Brady Patrick Priest sold 98,039 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total transaction of $345,097.28. Following the sale, the chief executive officer owned 2,040,222 shares in the company, valued at $7,181,581.44. This represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph Frank Oldakowski sold 12,102 shares of Clover Health Investments stock in a transaction that occurred 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 completion of the sale, the vice president owned 299,067 shares of the company’s stock, valued at approximately $1,453,465.62. The trade was 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. Insiders have sold 402,408 shares of company stock worth $1,534,679 in the last quarter. 23.51% of the stock is currently owned by company insiders.

Institutional Trading of Clover Health Investments

Several hedge funds have recently modified their holdings of the stock. Abel Hall LLC bought a new stake in Clover Health Investments during the fourth quarter worth $27,000. Allworth Financial LP grew its stake in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Clover Health Investments in the 4th quarter worth $29,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clover Health Investments in the fourth quarter valued at about $29,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Clover Health Investments during the second quarter valued at about $31,000. 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.