Clover Health Investments (NASDAQ:CLOV) Given New $3.20 Price Target at Canaccord Genuity Group

Clover Health Investments (NASDAQ:CLOV) had its price objective reduced by equities researchers at Canaccord Genuity Group from $3.70 to $3.20 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 70.67% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Leerink Partners cut their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, March 5th. Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, December 29th. Finally, Zacks Research cut Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.90.

Clover Health Investments Stock Performance

Shares of NASDAQ CLOV traded down $0.02 during trading hours on Friday, hitting $1.88. 1,354,697 shares of the stock were exchanged, compared to its average volume of 5,951,814. The company’s fifty day simple moving average is $2.20 and its two-hundred day simple moving average is $2.57. The company has a market cap of $968.78 million, a PE ratio of -10.97 and a beta of 2.15. Clover Health Investments has a 1-year low of $1.85 and a 1-year high of $3.92.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The business had revenue of $487.71 million for the quarter, compared to analyst estimates of $467.06 million. Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%. As a group, sell-side analysts expect that Clover Health Investments will post -0.12 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, the chief executive officer owned 1,998,584 shares of the company’s stock, valued at $4,336,927.28. This represents a 8.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 24.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the business. Forum Financial Management LP boosted its position in Clover Health Investments by 8.7% during the third quarter. Forum Financial Management LP now owns 37,237 shares of the company’s stock worth $114,000 after purchasing an additional 2,990 shares during the period. Alliancebernstein L.P. grew its stake 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 buying an additional 5,085 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Clover Health Investments by 8.2% during the fourth quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after acquiring an additional 5,660 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in shares of Clover Health Investments by 53.5% in the third quarter. Swiss Life Asset Management Ltd now owns 17,002 shares of the company’s stock worth $52,000 after acquiring an additional 5,926 shares during the period. Finally, Allworth Financial LP grew its position 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 valued at $29,000 after purchasing an additional 6,527 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

About Clover Health Investments

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.