Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.2% – Time to Sell?

Clover Health Investments, Corp. (NASDAQ:CLOV) shares dropped 6.2% during trading on Friday . The stock traded as low as $4.59 and last traded at $4.5940. Approximately 4,064,689 shares traded hands during trading, a decline of 39% from the average daily volume of 6,656,397 shares. The stock had previously closed at $4.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CLOV shares. UBS Group upped their price target on Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a report on Thursday. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Canaccord Genuity Group upped their price target on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a report on Thursday, June 4th. 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 report on Thursday, March 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. 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. Based on data from MarketBeat.com, Clover Health Investments presently has a consensus rating of “Hold” and a consensus target price of $3.82.

Clover Health Investments Price Performance

The business’s 50 day moving average is $2.99 and its 200 day moving average is $2.54. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -39.04 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last announced 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). The company had revenue of $749.19 million during the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Insider Activity at Clover Health Investments

In related news, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total value of $345,097.28. Following the transaction, the chief executive officer directly owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $3.42, for a total transaction of $229,687.20. Following the completion of the transaction, the director directly owned 285,432 shares in the company, valued at $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 385,625 shares of company stock valued at $1,454,284 in the last ninety days. Insiders own 23.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its stake in Clover Health Investments by 1.2% in the third 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 last quarter. ProShare Advisors LLC lifted its stake in Clover Health Investments by 8.2% in the fourth quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock valued at $176,000 after buying an additional 5,660 shares during the last quarter. Swiss Life Asset Management Ltd lifted its stake in 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 valued at $52,000 after buying an additional 5,926 shares during the last quarter. Allworth Financial LP lifted its stake in 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 last quarter. Finally, Verition Fund Management LLC lifted its stake in Clover Health Investments by 11.3% in the fourth quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock valued at $155,000 after buying an additional 6,677 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other 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.