Clover Health Investments, Corp. (NASDAQ:CLOV) Receives Average Rating of “Hold” from Brokerages

Clover Health Investments, Corp. (NASDAQ:CLOV) has been assigned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $4.75.

CLOV has been the subject of several recent analyst reports. UBS Group upped their price objective on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Wall Street Zen cut shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Clover Health Investments in a research report on Thursday, September 10th. They set a “buy” rating and a $6.00 price objective on the stock.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, insider Karen Soares sold 6,846 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $4.78, for a total value of $32,723.88. Following the completion of the transaction, the insider owned 1,607,371 shares in the company, valued at approximately $7,683,233.38. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 20,000 shares of Clover Health Investments stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $5.16, for a total transaction of $103,200.00. Following the transaction, the vice president directly owned 279,067 shares of the company’s stock, valued at approximately $1,439,985.72. This trade represents a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 731,290 shares of company stock worth $3,642,586 in the last ninety days. 23.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC purchased a new stake in shares of Clover Health Investments during the second quarter valued at $2,156,000. Bank of New York Mellon Corp bought a new position in Clover Health Investments during the 2nd quarter valued at about $6,346,000. Lazard Asset Management LLC purchased a new position in shares of Clover Health Investments during the first quarter valued at approximately $309,000. WINTON GROUP Ltd bought a new position in Clover Health Investments during the second quarter valued at approximately $913,000. Finally, AXQ Capital LP boosted its holdings in Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock worth $768,000 after purchasing an additional 125,708 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

Clover Health Investments Trading Down 0.4%

CLOV opened at $4.54 on Friday. The stock has a market capitalization of $2.41 billion, a P/E ratio of -90.78 and a beta of 2.47. The stock has a 50-day moving average price of $4.42 and a 200-day moving average price of $3.62. Clover Health Investments has a 12-month low of $1.58 and a 12-month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The firm had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million. On average, equities research analysts predict that Clover Health Investments will post 0.06 EPS for the current year.

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.