Clover Health Investments (NASDAQ:CLOV) Shares Gap Up – What’s Next?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) gapped up prior to trading on Thursday . The stock had previously closed at $4.14, but opened at $4.89. Clover Health Investments shares last traded at $5.0350, with a volume of 2,976,872 shares trading hands.

Analysts Set New Price Targets

CLOV has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, June 24th. UBS Group reiterated a “neutral” rating on shares of Clover Health Investments in a research report on Thursday. Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One 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’s stock. Based on data from MarketBeat, Clover Health Investments currently has a consensus rating of “Hold” and an average price target of $4.25.

Clover Health Investments Stock Performance

The company has a market cap of $2.57 billion, a price-to-earnings ratio of -40.70 and a beta of 2.47. The company has a 50-day simple moving average of $4.62 and a 200-day simple moving average of $3.14.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. The business had revenue of $749.19 million during the quarter, compared to analyst estimates of $714.89 million.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 67,160 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the sale, the director owned 285,432 shares of the company’s stock, valued at approximately $976,177.44. This trade represents a 19.05% 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. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the sale, the vice president owned 299,067 shares in the company, valued at $1,453,465.62. The trade was a 3.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 715,884 shares of company stock valued at $3,202,372 in the last three months. Insiders own 23.51% of the company’s stock.

Institutional Trading of Clover Health Investments

A number of institutional investors have recently added to or reduced their stakes in CLOV. Alliancebernstein L.P. lifted 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 increased its position in 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 buying an additional 5,660 shares in the last quarter. Allworth Financial LP increased its position in 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 buying an additional 6,527 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of Clover Health Investments by 11.3% in the fourth quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock worth $155,000 after acquiring an additional 6,677 shares during the last quarter. Finally, Kestra Private Wealth Services LLC raised its holdings in shares of Clover Health Investments by 44.1% in the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after acquiring an additional 7,500 shares during the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

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.