Lazard Asset Management LLC Buys Shares of 175,363 Clover Health Investments, Corp. $CLOV

Lazard Asset Management LLC purchased a new position in shares of Clover Health Investments, Corp. (NASDAQ:CLOV) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 175,363 shares of the company’s stock, valued at approximately $309,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock worth $55,192,000 after acquiring an additional 425,904 shares during the period. RFG Advisory LLC purchased a new position in shares of Clover Health Investments during the 1st quarter worth $35,000. Ketron Financial acquired a new stake in shares of Clover Health Investments during the fourth quarter worth $39,000. AXQ Capital LP acquired a new stake in shares of Clover Health Investments during the fourth quarter worth $89,000. Finally, Global Retirement Partners LLC grew its position in shares of Clover Health Investments by 2,115.3% in the fourth quarter. Global Retirement Partners LLC now owns 32,675 shares of the company’s stock valued at $77,000 after purchasing an additional 31,200 shares during the period. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Clover Health Investments Stock Up 2.1%

Shares of CLOV opened at $4.76 on Friday. Clover Health Investments, Corp. has a fifty-two week low of $1.58 and a fifty-two week high of $5.59. The company’s fifty day moving average is $4.64 and its two-hundred day moving average is $3.17. The firm has a market cap of $2.51 billion, a PE ratio of -95.18 and a beta of 2.47.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $743.17 million during the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative return on equity of 4.35% and a negative net margin of 0.74%.

Insider Activity at Clover Health Investments

In other news, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $879,499.74. Following the completion of the sale, the chief executive officer owned 1,390,056 shares in the company, valued at approximately $5,546,323.44. The trade was a 13.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total value of $58,815.72. Following the sale, the vice president owned 299,067 shares of the company’s stock, valued at $1,453,465.62. The trade was a 3.89% 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 a total of 715,884 shares of company stock valued at $3,202,372 over the last three months. Insiders own 23.51% of the company’s stock.

Wall Street Analysts Forecast Growth

CLOV has been the subject of several analyst reports. Wall Street Zen upgraded Clover Health Investments from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Canaccord Genuity Group lifted their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, UBS Group upped their price objective on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Clover Health Investments currently has a consensus rating of “Hold” and a consensus target price of $4.33.

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.