Clover Health Investments (NASDAQ:CLOV) Reaches New 52-Week High – Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $5.59 and last traded at $5.4550, with a volume of 901681 shares traded. The stock had previously closed at $5.41.

Analysts Set New Price Targets

Several research firms have recently weighed in on CLOV. Wall Street Zen upgraded shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Canaccord Genuity Group raised their price target on shares of 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 reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. UBS Group upped their price objective on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a report on Thursday, June 11th. Finally, Leerink Partners cut 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 report on Thursday, March 5th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Clover Health Investments presently has an average rating of “Hold” and an average target price of $3.82.

Clover Health Investments Trading Down 1.3%

The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -43.66 and a beta of 2.54. The firm’s 50-day moving average is $3.80 and its 200-day moving average is $2.77.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data 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). 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 net margin of 2.58% and a negative return on equity of 16.52%.

Insider Buying and Selling

In other news, CEO Conrad Wai sold 220,426 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. This 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, Director Carladenise Armbrister Edwards sold 67,160 shares of the firm’s stock in a transaction 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 transaction, the director owned 285,432 shares in the company, valued at approximately $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 402,408 shares of company stock valued at $1,534,679. Company insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new position in shares of Clover Health Investments during the 1st quarter worth approximately $49,000. Integrated Wealth Concepts LLC bought a new position in shares of Clover Health Investments in the first quarter valued at approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Clover Health Investments by 3.0% during 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 acquiring an additional 24,807 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Clover Health Investments during the second quarter valued at approximately $31,000. Finally, JPMorgan Chase & Co. lifted its holdings in 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 during the period. 19.77% of the stock is 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.