Clover Health Investments (NASDAQ:CLOV) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Clover Health Investments (NASDAQ:CLOV) from a strong-buy rating to a buy rating in a research note issued to investors on Sunday.

A number of other brokerages have also recently commented on CLOV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Canaccord Genuity Group lifted their price objective on Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, UBS Group boosted their price objective on Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. One investment 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.33.

Clover Health Investments Stock Performance

Shares of CLOV opened at $4.60 on Friday. The stock’s 50-day moving average price is $4.71 and its two-hundred day moving average price is $3.24. Clover Health Investments has a 12 month low of $1.58 and a 12 month high of $5.59. The company has a market capitalization of $2.44 billion, a PE ratio of -91.98 and a beta of 2.48.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The company had revenue of $743.17 million during the quarter, compared to analysts’ expectations of $728.27 million.

Insider Activity

In related news, VP Joseph Frank Oldakowski sold 12,102 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the completion of the sale, the vice president owned 299,067 shares in the company, valued at approximately $1,453,465.62. This represents a 3.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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. Also, CEO Andrew Toy sold 313,476 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total value of $1,667,692.32. Following the sale, the chief executive officer owned 9,609,825 shares of the company’s stock, valued at $51,124,269. This trade represents a 3.16% decrease in their position. 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 638,483 shares of company stock worth $3,035,848 over the last three months. 23.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. lifted its position in Clover Health Investments by 1.2% during 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 period. ProShare Advisors LLC grew its position 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 buying an additional 5,660 shares during the period. Allworth Financial LP grew its position 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 buying an additional 6,527 shares during the period. Verition Fund Management LLC increased its stake 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 acquiring an additional 6,677 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its stake in shares of Clover Health Investments by 44.1% in the 1st quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock worth $43,000 after acquiring an additional 7,500 shares in the last quarter. 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.