Clover Health Investments (NASDAQ:CLOV) Stock Price Up 11.3% – Time to Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV) rose 11.3% during mid-day trading on Thursday . The company traded as high as $4.02 and last traded at $3.9950. Approximately 3,224,542 shares traded hands during trading, a decline of 47% from the average daily volume of 6,121,653 shares. The stock had previously closed at $3.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a research note on Friday, March 20th. Leerink Partners reduced their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. Finally, Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.90.

Clover Health Investments Stock Performance

The firm has a market capitalization of $2.15 billion, a P/E ratio of -33.86 and a beta of 2.44. The firm has a 50 day moving average price of $2.49 and a two-hundred day moving average price of $2.40.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business 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%. Equities research analysts forecast that Clover Health Investments, Corp. will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Carladenise Armbrister Edwards sold 67,160 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the sale, the director owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the sale, the chief executive officer owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. The trade was a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 340,199 shares of company stock valued at $954,534 in the last 90 days. Corporate insiders own 23.51% of the company’s stock.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently modified their holdings of CLOV. Divisadero Street Capital Management LP purchased a new stake in shares of Clover Health Investments in the third quarter valued at $8,470,000. Bank of America Corp DE lifted its holdings in shares of Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Clover Health Investments by 69.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock valued at $8,542,000 after purchasing an additional 1,494,043 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Clover Health Investments in the second quarter valued at $4,149,000. Finally, UBS Group AG lifted its holdings in shares of Clover Health Investments by 155.5% in the third quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock valued at $6,983,000 after purchasing an additional 1,388,761 shares in the last quarter. Hedge funds and other institutional investors 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.