Clover Health Investments (NASDAQ:CLOV) Reaches New 1-Year Low Following Analyst Downgrade

Clover Health Investments, Corp. (NASDAQ:CLOV)’s share price reached a new 52-week low during mid-day trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $3.70 to $3.20. Canaccord Genuity Group currently has a buy rating on the stock. Clover Health Investments traded as low as $1.85 and last traded at $1.8750, with a volume of 2255079 shares traded. The stock had previously closed at $1.89.

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

Insider Buying and Selling at Clover Health Investments

In related news, CEO Brady Patrick Priest sold 175,000 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, the chief executive officer directly owned 1,998,584 shares of the company’s stock, valued at $4,336,927.28. This represents a 8.05% decrease in their ownership of the stock. The sale 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 owned by corporate insiders.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Divisadero Street Capital Management LP bought a new position in Clover Health Investments in the third quarter worth approximately $8,470,000. Soviero Asset Management LP increased its holdings in shares of Clover Health Investments by 260.0% during the second quarter. Soviero Asset Management LP now owns 900,000 shares of the company’s stock valued at $2,511,000 after acquiring an additional 650,000 shares in the last quarter. Rhumbline Advisers raised its position in shares of Clover Health Investments by 8,149.2% during the second quarter. Rhumbline Advisers now owns 584,459 shares of the company’s stock worth $1,631,000 after purchasing an additional 577,374 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Clover Health Investments by 95.7% in the 2nd quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock worth $27,467,000 after purchasing an additional 4,812,368 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Clover Health Investments in the 2nd quarter worth $115,000. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Trading Down 0.8%

The firm has a market cap of $983.76 million, a price-to-earnings ratio of -11.03 and a beta of 2.15. The firm’s 50-day moving average is $2.18 and its 200-day moving average is $2.57.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share 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 business had revenue of $487.71 million for the quarter, compared to analyst estimates of $467.06 million. Analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

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.