Clover Health Investments (NASDAQ:CLOV) Hits New 52-Week Low – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $1.93 and last traded at $1.96, with a volume of 2334731 shares. The stock had previously closed at $2.00.

Wall Street Analysts Forecast Growth

CLOV has been the topic of several analyst reports. Canaccord Genuity Group restated a “buy” rating and issued a $3.70 price objective on shares of Clover Health Investments in a report on Tuesday, January 20th. Zacks Research cut shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Leerink Partners cut their price target 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Clover Health Investments presently has a consensus rating of “Hold” and a consensus price target of $3.07.

Clover Health Investments Stock Down 3.3%

The stock has a market cap of $999.77 million, a price-to-earnings ratio of -11.38 and a beta of 2.15. The stock’s fifty day moving average is $2.29 and its 200-day moving average is $2.62.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $467.06 million. As a group, equities research analysts predict that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 stock was sold at an average price of $2.17, for a total value of $379,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,998,584 shares of the company’s stock, 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 is accessible through the SEC website. Corporate insiders own 24.07% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors have recently modified their holdings of CLOV. Abel Hall LLC bought a new stake in Clover Health Investments during the 4th quarter worth approximately $27,000. Clarity Wealth Advisors LLC bought a new position in Clover Health Investments in the second quarter valued at approximately $28,000. Allworth Financial LP boosted its holdings 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 buying an additional 6,527 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Clover Health Investments in the fourth quarter valued at approximately $29,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Clover Health Investments during the fourth quarter worth $29,000. Institutional investors own 19.77% of the company’s stock.

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.