Clover Health Investments (NASDAQ:CLOV) Stock Rated Buy in New Coverage at Needham & Company LLC

Needham & Company LLC began coverage on shares of Clover Health Investments (NASDAQ:CLOV) in a report issued on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $6.00 price objective on the stock.

CLOV has been the topic of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. UBS Group upped their price objective on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft started coverage on Clover Health Investments in a report on Thursday, September 10th. They issued a “buy” rating and a $6.00 target price on the stock. Zacks Research upgraded Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Finally, Canaccord Genuity Group lifted their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Clover Health Investments currently has a consensus rating of “Hold” and an average target price of $5.00.

Clover Health Investments Stock Down 2.6%

NASDAQ CLOV opened at $4.46 on Wednesday. Clover Health Investments has a 52 week low of $1.58 and a 52 week high of $5.59. The firm has a market capitalization of $2.37 billion, a P/E ratio of -89.18 and a beta of 2.45. The company has a 50-day moving average price of $4.51 and a 200-day moving average price of $3.54.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. As a group, equities research analysts anticipate that Clover Health Investments will post 0.06 EPS for the current year.

Insider Activity

In other Clover Health Investments news, CEO Conrad Wai sold 300,000 shares of Clover Health Investments stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $4.72, for a total transaction of $1,416,000.00. Following the transaction, the chief executive officer owned 1,170,056 shares of the company’s stock, valued at $5,522,664.32. The trade was a 20.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Toy sold 318,806 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $4.19, for a total transaction of $1,335,797.14. Following the completion of the transaction, the chief executive officer owned 9,140,510 shares of the company’s stock, valued at approximately $38,298,736.90. The trade was a 3.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 sold 856,371 shares of company stock worth $3,870,740 over the last ninety days. Company insiders own 23.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CLOV. Vise Technologies Inc. bought a new position in shares of Clover Health Investments in the third quarter worth about $115,000. State of Wyoming grew its position in shares of Clover Health Investments by 20.1% during the third quarter. State of Wyoming now owns 94,729 shares of the company’s stock worth $408,000 after purchasing an additional 15,857 shares in the last quarter. Sterling Capital Management LLC raised its stake in Clover Health Investments by 847.9% during the 3rd quarter. Sterling Capital Management LLC now owns 14,000 shares of the company’s stock valued at $60,000 after purchasing an additional 12,523 shares during the period. Nisa Investment Advisors LLC raised its stake in Clover Health Investments by 223.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock valued at $47,000 after purchasing an additional 7,498 shares during the period. Finally, Ballew Advisors Inc bought a new stake in Clover Health Investments during the 3rd quarter valued at approximately $44,000. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.