Wall Street Zen Upgrades Clover Health Investments (NASDAQ:CLOV) to Strong-Buy

Clover Health Investments (NASDAQ:CLOV) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

Several other equities analysts also recently weighed in on the company. Canaccord Genuity Group raised their price objective on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Finally, UBS Group upped their target price on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Clover Health Investments currently has a consensus rating of “Hold” and an average target price of $4.33.

Clover Health Investments Price Performance

Shares of CLOV stock opened at $4.76 on Friday. The business’s fifty day moving average price is $4.64 and its 200 day moving average price is $3.17. Clover Health Investments has a 1-year low of $1.58 and a 1-year high of $5.59. The firm has a market capitalization of $2.51 billion, a PE ratio of -95.18 and a beta of 2.48.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.35% and a negative net margin of 0.74%.The company had revenue of $743.17 million during the quarter, compared to the consensus estimate of $728.27 million.

Insider Buying and Selling at Clover Health Investments

In other news, Director Carladenise Armbrister Edwards sold 67,160 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total transaction of $229,687.20. Following the transaction, the director directly owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Conrad Wai sold 220,426 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the sale, the chief executive officer owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. The trade was a 13.69% 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. In the last ninety days, insiders have sold 715,884 shares of company stock valued at $3,202,372. 23.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings 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 acquiring an additional 5,085 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of 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 purchasing an additional 5,660 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after purchasing 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 4th quarter. Verition Fund Management LLC now owns 65,777 shares of the company’s stock worth $155,000 after purchasing an additional 6,677 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in Clover Health Investments by 44.1% during the first quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock valued at $43,000 after purchasing an additional 7,500 shares during the last quarter. Institutional investors and hedge funds 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.