Clover Health Investments (NASDAQ:CLOV) Hits New 1-Year Low – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV) reached a new 52-week low on Monday . The stock traded as low as $1.93 and last traded at $1.96, with a volume of 2334731 shares changing hands. The stock had previously closed at $2.00.

Analysts Set New Price Targets

Several analysts recently commented on the company. Leerink Partners dropped 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 report on Thursday, March 5th. Zacks Research lowered Clover Health Investments from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, December 29th. Wall Street Zen raised shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $3.70 target price on shares of Clover Health Investments in a research report on Tuesday, January 20th. One research 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. Based on data from MarketBeat.com, Clover Health Investments presently has a consensus rating of “Hold” and an average target price of $3.07.

Clover Health Investments Stock Down 1.3%

The stock has a 50-day moving average of $2.27 and a 200 day moving average of $2.61. The stock has a market cap of $1.02 billion, a PE ratio of -11.51 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share (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 company had revenue of $487.71 million during the quarter, compared to analysts’ expectations of $467.06 million. Research analysts forecast that Clover Health Investments, Corp. will post -0.12 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brady Patrick Priest sold 175,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total value of $379,750.00. Following the completion of the sale, the chief executive officer owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. This represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 24.07% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC purchased a new stake in shares of Clover Health Investments during the 1st quarter valued at approximately $49,000. Integrated Wealth Concepts LLC purchased a new position in Clover Health Investments in the first quarter worth approximately $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Clover Health Investments by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company’s stock worth $3,070,000 after acquiring an additional 24,807 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Clover Health Investments during the second quarter worth $31,000. Finally, Wedbush Securities Inc. raised its position in Clover Health Investments by 119.0% in the second quarter. Wedbush Securities Inc. now owns 46,000 shares of the company’s stock valued at $128,000 after purchasing an additional 25,000 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.