Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV) shares gapped up prior to trading on Thursday . The stock had previously closed at $4.34, but opened at $4.48. Clover Health Investments shares last traded at $4.6950, with a volume of 1,470,484 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Clover Health Investments in a research note on Thursday. They set a “buy” rating and a $6.00 target price on the stock. UBS Group lifted their price target on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen cut Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group raised their price objective on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $4.75.

Clover Health Investments Stock Up 2.3%

The stock’s 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $3.53. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -96.38 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV) last announced its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%.

Insider Transactions at Clover Health Investments

In related news, CEO Andrew Toy sold 313,476 shares of Clover Health Investments stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the sale, the chief executive officer directly owned 9,609,825 shares in the company, valued at approximately $51,124,269. The trade was a 3.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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. Also, VP Joseph Frank Oldakowski sold 12,102 shares of Clover Health Investments stock in a transaction dated 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 in the company, valued at approximately $1,453,465.62. The trade was a 3.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 sold a total of 418,057 shares of company stock worth $2,156,348 over the last ninety days. 23.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Clover Health Investments

Several large investors have recently made changes to their positions in the company. Alliancebernstein L.P. lifted its holdings in Clover Health Investments by 1.2% in the 3rd quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock valued at $1,273,000 after purchasing an additional 5,085 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Clover Health Investments by 8.2% in the fourth quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock valued at $176,000 after buying an additional 5,660 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after buying an additional 6,527 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Clover Health Investments by 11.3% in the fourth quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock worth $155,000 after buying an additional 6,677 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after acquiring an additional 7,500 shares during the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Clover Health Investments Company Profile

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.