Clover Health Investments (NASDAQ:CLOV) Stock Rating Upgraded by Zacks Investment Research

Clover Health Investments (NASDAQ:CLOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Clover Health Investments Corp. is a healthcare technology company. It uses its proprietary technology platform to collect, structure and analyze health and behavioral data to improve medical outcomes and lower costs for patients. Clover Health Investments Corp., formerly known as Social Capital Hedosophia Holdings Corp. III, is based in Calif. “

Separately, Credit Suisse Group downgraded Clover Health Investments from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $9.00 to $3.50 in a research note on Friday. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Clover Health Investments currently has an average rating of “Hold” and an average target price of $8.25.

CLOV stock traded up $0.10 during trading on Tuesday, reaching $3.31. The stock had a trading volume of 12,208,783 shares, compared to its average volume of 14,734,071. Clover Health Investments has a 52 week low of $2.99 and a 52 week high of $28.85. The stock’s 50 day moving average is $5.09 and its two-hundred day moving average is $7.44. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.05.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Tuesday, November 9th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.23. The firm had revenue of $427.16 million during the quarter, compared to the consensus estimate of $418.01 million. As a group, analysts forecast that Clover Health Investments will post -1.18 earnings per share for the current year.

In other news, major shareholder Chamath Palihapitiya purchased 1,739,130 shares of the company’s stock in a transaction on Monday, November 22nd. The stock was acquired at an average cost of $5.75 per share, for a total transaction of $9,999,997.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Several institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its position in shares of Clover Health Investments by 367,220.4% in the third quarter. PNC Financial Services Group Inc. now owns 6,611,767 shares of the company’s stock worth $48,861,000 after purchasing an additional 6,609,967 shares during the period. BlackRock Inc. boosted its position in shares of Clover Health Investments by 57.5% during the third quarter. BlackRock Inc. now owns 3,486,252 shares of the company’s stock worth $25,764,000 after acquiring an additional 1,272,861 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Clover Health Investments by 76.5% during the third quarter. Geode Capital Management LLC now owns 1,789,062 shares of the company’s stock worth $13,221,000 after acquiring an additional 775,633 shares during the last quarter. Morgan Stanley boosted its position in shares of Clover Health Investments by 102.7% during the third quarter. Morgan Stanley now owns 1,666,232 shares of the company’s stock worth $12,313,000 after acquiring an additional 844,347 shares during the last quarter. Finally, Bloom Tree Partners LLC bought a new position in shares of Clover Health Investments during the second quarter worth $13,114,000. Institutional investors and hedge funds own 22.49% of the company’s stock.

About Clover Health Investments

Clover Health Investments, Corp. operates as a Medicare Advantage insurer in the United States. The company through its software platform provides preferred provider organization and health maintenance organization health plans for Medicare-eligible consumers. Clover Health Investments, Corp. was founded in 2014 and is headquartered in Franklin, Tennessee.

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