Clover Health Investments (NASDAQ:CLOV) Reaches New 52-Week Low – Here’s What Happened

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.72 and last traded at $1.7250, with a volume of 218626 shares changing hands. The stock had previously closed at $1.75.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Canaccord Genuity Group decreased their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a research report on Friday, March 20th. Leerink Partners cut their price target 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. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday. One investment 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. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.90.

Clover Health Investments Stock Performance

The company has a market cap of $910.30 million, a price-to-earnings ratio of -10.21 and a beta of 2.15. The company has a 50-day simple moving average of $2.10 and a 200-day simple moving average of $2.53.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Clover Health Investments had a negative net margin of 4.45% and a negative return on equity of 25.17%. The business had revenue of $487.71 million during the quarter, compared to analyst estimates of $467.06 million. As a group, equities research analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Insider Activity at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, the chief executive officer directly owned 1,998,584 shares of the company’s stock, valued at $4,336,927.28. This represents a 8.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 24.07% of the company’s stock.

Institutional Trading of Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its holdings in Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Clover Health Investments during the first quarter worth approximately $37,000. Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments in the second quarter worth about $31,000. Lido Advisors LLC purchased a new position in Clover Health Investments in the second quarter valued at about $32,000. Finally, Abel Hall LLC acquired a new stake in Clover Health Investments during the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

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.