Clover Health Investments (NASDAQ:CLOV) Price Target Raised to $5.50

Clover Health Investments (NASDAQ:CLOV) had its price target lifted by UBS Group from $5.00 to $5.50 in a report published on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on CLOV. Needham & Company LLC reaffirmed a “buy” rating on shares of Clover Health Investments in a report on Thursday. Canaccord Genuity Group increased their price objective 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. Zacks Research upgraded Clover Health Investments to a “hold” rating in a report on Monday, September 14th. Deutsche Bank Aktiengesellschaft began coverage on Clover Health Investments in a research report on Thursday, September 10th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $5.10.

Clover Health Investments Trading Up 7.6%

CLOV stock opened at $4.82 on Thursday. The stock has a market capitalization of $2.56 billion, a PE ratio of 482.48 and a beta of 2.52. Clover Health Investments has a 12-month low of $1.58 and a 12-month high of $5.59. The stock’s 50 day simple moving average is $4.54 and its 200 day simple moving average is $3.59.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Wednesday, November 4th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. Clover Health Investments had a return on equity of 4.83% and a net margin of 0.45%. The business had revenue of $759.30 million for the quarter, compared to the consensus estimate of $740.07 million. On average, research analysts predict that Clover Health Investments will post 0.06 earnings per share for the current year.

Insider Transactions at Clover Health Investments

In related news, CEO Andrew Toy sold 318,806 shares of Clover Health Investments stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $4.19, for a total value of $1,335,797.14. Following the completion of the sale, the chief executive officer owned 9,140,510 shares of the company’s stock, valued at $38,298,736.90. The trade was a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 Conrad Wai sold 300,000 shares of Clover Health Investments stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $4.72, for a total value of $1,416,000.00. Following the completion of the sale, the chief executive officer directly 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 position. 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 quarter, insiders have sold 856,371 shares of company stock valued at $3,870,740. Corporate insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in shares of Clover Health Investments in the 2nd quarter worth approximately $42,000. Nykredit A S purchased a new position in shares of Clover Health Investments in the second quarter worth approximately $45,000. Ballew Advisors Inc purchased a new position in shares of Clover Health Investments in the third quarter worth approximately $44,000. Nisa Investment Advisors LLC grew its position in Clover Health Investments by 223.4% during the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock valued at $47,000 after buying an additional 7,498 shares during the period. Finally, Allworth Financial LP grew its position in Clover Health Investments by 200.7% during the third quarter. Allworth Financial LP now owns 12,281 shares of the company’s stock valued at $53,000 after buying an additional 8,197 shares during the period. 19.77% of the stock is currently owned by institutional investors.

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.