Clover Health Investments, Corp. (NASDAQ:CLOV) Receives Average Rating of “Hold” from Brokerages

Clover Health Investments, Corp. (NASDAQ:CLOV) has been given an average recommendation of “Hold” by the six research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $4.75.

CLOV has been the topic of a number of research reports. Wall Street Zen downgraded shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. UBS Group raised their target price on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Zacks Research upgraded shares of Clover Health Investments to a “hold” rating in a research report on Monday, September 14th. Canaccord Genuity Group upped 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, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday.

Insider Buying and Selling

In related news, VP Joseph Frank Oldakowski sold 20,000 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $5.16, for a total value of $103,200.00. Following the completion of the transaction, the vice president owned 279,067 shares in the company, valued at $1,439,985.72. This trade represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Toy sold 87,798 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $4.65, for a total value of $408,260.70. Following the completion of the transaction, the chief executive officer owned 9,459,316 shares of the company’s stock, valued at $43,985,819.40. This trade represents a 0.92% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 731,290 shares of company stock valued at $3,642,586 over the last ninety days. 23.51% of the stock is currently owned by company insiders.

Institutional Trading of Clover Health Investments

Several institutional investors and hedge funds have recently bought and sold shares of CLOV. Public Employees Retirement System of Ohio acquired a new position in shares of Clover Health Investments in the second quarter worth about $42,000. Nykredit A S acquired a new stake in shares of Clover Health Investments during the second quarter valued at approximately $45,000. WNY Asset Management LLC acquired a new stake in shares of Clover Health Investments during the second quarter valued at approximately $69,000. Ketron Financial purchased a new stake in shares of Clover Health Investments in the 4th quarter valued at approximately $39,000. Finally, RFG Advisory LLC purchased a new stake in shares of Clover Health Investments in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Stock Down 1.3%

Shares of CLOV stock opened at $4.51 on Friday. The stock has a 50-day simple moving average of $4.42 and a 200 day simple moving average of $3.71. The stock has a market capitalization of $2.40 billion, a P/E ratio of -90.18 and a beta of 2.47. Clover Health Investments has a fifty-two week low of $1.58 and a fifty-two week high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The firm had revenue of $743.17 million for the quarter, compared to analysts’ expectations of $728.27 million. On average, sell-side analysts anticipate that Clover Health Investments will post 0.06 earnings per share for the current year.

About Clover Health Investments

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.