Clover Health Investments (NASDAQ:CLOV) Stock Price Down 8.8% – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV) traded down 8.8% on Wednesday . The company traded as low as $1.60 and last traded at $1.6050. 2,857,551 shares were traded during mid-day trading, a decline of 51% from the average session volume of 5,857,567 shares. The stock had previously closed at $1.76.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CLOV shares. Leerink Partners decreased their target price on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, March 5th. Canaccord Genuity Group cut their price objective on shares of Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a report on Friday, March 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.90.

Clover Health Investments Price Performance

The company has a market cap of $902.43 million, a PE ratio of -10.12 and a beta of 2.24. The company has a 50-day moving average of $2.03 and a 200 day moving average of $2.50.

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

Insider Buying and Selling

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total value of $379,750.00. Following the sale, the chief executive officer owned 1,998,584 shares in the company, valued at $4,336,927.28. This trade represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CLOV. Forum Financial Management LP lifted its holdings in Clover Health Investments by 8.7% during the 3rd quarter. Forum Financial Management LP now owns 37,237 shares of the company’s stock valued at $114,000 after buying an additional 2,990 shares in the last quarter. Alliancebernstein L.P. boosted its position 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 during the period. ProShare Advisors LLC grew its stake in Clover Health Investments by 8.2% in the 4th 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 increased its position in shares of Clover Health Investments by 53.5% during 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 increased its position in shares of Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares during the period. 19.77% of the stock is currently owned by 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.