Clover Health Investments (NASDAQ:CLOV) Hits New 52-Week Low After Analyst Downgrade

Clover Health Investments, Corp. (NASDAQ:CLOV) hit a new 52-week low on Monday after Canaccord Genuity Group lowered their price target on the stock from $3.70 to $3.20. Canaccord Genuity Group currently has a buy rating on the stock. Clover Health Investments traded as low as $1.85 and last traded at $1.8750, with a volume of 2255079 shares traded. The stock had previously closed at $1.89.

Other equities analysts have also issued reports about the stock. Wall Street Zen raised shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. Zacks Research downgraded Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Leerink Partners lowered their price objective 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, March 5th. One 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.90.

Insider Transactions at Clover Health Investments

In other Clover Health Investments news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the sale, the chief executive officer directly owned 1,998,584 shares in the company, valued at $4,336,927.28. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 24.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clover Health Investments

A number of hedge funds have recently made changes to their positions in CLOV. Ketron Financial acquired a new position in shares of Clover Health Investments in the fourth quarter valued at approximately $39,000. Virtu Financial LLC boosted its position in Clover Health Investments by 532.9% during the 4th quarter. Virtu Financial LLC now owns 209,204 shares of the company’s stock worth $492,000 after buying an additional 176,150 shares during the period. Tudor Investment Corp ET AL bought a new stake in Clover Health Investments during the 4th quarter worth approximately $458,000. Quadrature Capital Ltd acquired a new position in Clover Health Investments in the 4th quarter valued at approximately $29,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Clover Health Investments in the 4th quarter valued at approximately $29,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Clover Health Investments Stock Down 0.8%

The stock has a market cap of $983.76 million, a P/E ratio of -11.03 and a beta of 2.15. The company’s 50 day moving average price is $2.18 and its 200-day moving average price is $2.57.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings data 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). The company had revenue of $487.71 million during the quarter, compared to analyst estimates of $467.06 million. Clover Health Investments had a negative net margin of 4.45% and a negative return on equity of 25.17%. Equities research analysts anticipate that Clover Health Investments, Corp. will post -0.12 earnings per share for the current year.

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.