Clover Health Investments (NASDAQ:CLOV) Stock Crosses Below Fifty Day Moving Average – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $4.51 and traded as low as $4.34. Clover Health Investments shares last traded at $4.46, with a volume of 4,650,319 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CLOV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, September 21st. Canaccord Genuity Group raised their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft initiated coverage on Clover Health Investments in a research report on Thursday, September 10th. They issued a “buy” rating and a $6.00 target price for the company. Wall Street Zen downgraded shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Zacks Research raised Clover Health Investments to a “hold” rating in a report on Monday, September 14th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Clover Health Investments has a consensus rating of “Hold” and a consensus price target of $5.00.

Clover Health Investments Trading Down 2.6%

The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -89.18 and a beta of 2.45. The firm has a 50 day moving average price of $4.51 and a 200-day moving average price of $3.54.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $743.17 million during the quarter, compared to analysts’ expectations of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. As a group, equities analysts expect that Clover Health Investments, Corp. will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Andrew Toy sold 318,806 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $4.19, for a total transaction of $1,335,797.14. Following the sale, the chief executive officer owned 9,140,510 shares in the company, valued at $38,298,736.90. This trade represents a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $103,200.00. Following the completion of the sale, the vice president owned 279,067 shares of the company’s stock, valued at $1,439,985.72. This trade represents a 6.69% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 856,371 shares of company stock worth $3,870,740. 23.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors have recently bought and sold shares of CLOV. Vise Technologies Inc. acquired a new stake in shares of Clover Health Investments in the third quarter valued at about $115,000. State of Wyoming lifted its position in Clover Health Investments by 20.1% during the 3rd quarter. State of Wyoming now owns 94,729 shares of the company’s stock worth $408,000 after acquiring an additional 15,857 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Clover Health Investments by 847.9% in the 3rd quarter. Sterling Capital Management LLC now owns 14,000 shares of the company’s stock worth $60,000 after acquiring an additional 12,523 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Clover Health Investments by 223.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock worth $47,000 after acquiring an additional 7,498 shares during the period. Finally, Ballew Advisors Inc acquired a new stake in Clover Health Investments in the third quarter valued at approximately $44,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.