Clover Health Investments (NASDAQ:CLOV) Stock Price Up 10.5% – Still a Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) rose 10.5% during trading on Wednesday . The company traded as high as $2.23 and last traded at $2.21. Approximately 3,346,448 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 6,053,154 shares. The stock had previously closed at $2.00.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and set a $3.70 price objective on shares of Clover Health Investments in a research report on Tuesday, January 20th. Zacks Research cut Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Leerink Partners cut their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Clover Health Investments presently has a consensus rating of “Hold” and an average price target of $3.07.

Clover Health Investments Trading Down 3.9%

The stock has a 50 day simple moving average of $2.30 and a 200 day simple moving average of $2.62. The firm has a market capitalization of $1.03 billion, a PE ratio of -11.71 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%.The firm had revenue of $487.71 million during the quarter, compared to the consensus estimate of $467.06 million. As a group, equities analysts anticipate that Clover Health Investments, Corp. will post -0.12 earnings per share for the current year.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total value of $379,750.00. Following the transaction, the chief executive officer owned 1,998,584 shares in the company, valued at approximately $4,336,927.28. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.07% of the stock is currently owned by company insiders.

Institutional Trading of Clover Health Investments

Institutional investors have recently modified their holdings of the company. Ketron Financial purchased a new position in Clover Health Investments during the 4th quarter valued at about $39,000. Virtu Financial LLC grew its position in shares of Clover Health Investments by 532.9% in the 4th quarter. Virtu Financial LLC now owns 209,204 shares of the company’s stock worth $492,000 after buying an additional 176,150 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of Clover Health Investments in the 4th quarter worth approximately $458,000. Quadrature Capital Ltd purchased a new position in shares of Clover Health Investments during the fourth quarter valued at approximately $29,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Clover Health Investments during the fourth quarter valued at approximately $29,000. 19.77% of the stock is currently owned by hedge funds and other 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.