Clover Health Investments (NASDAQ:CLOV) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Clover Health Investments (NASDAQ:CLOV) to a hold rating in a report issued on Monday,Zacks reports.

CLOV has been the topic of a number of other reports. UBS Group lifted their price target on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen lowered Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. 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 target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Clover Health Investments in a report on Thursday, September 10th. They set a “buy” rating and a $6.00 price target for the company. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $4.75.

Clover Health Investments Trading Down 8.6%

Shares of NASDAQ:CLOV opened at $4.66 on Monday. The stock’s 50-day moving average price is $4.42 and its 200-day moving average price is $3.59. Clover Health Investments has a 12-month low of $1.58 and a 12-month high of $5.59. The stock has a market capitalization of $2.48 billion, a P/E ratio of -93.18 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 the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The firm had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. As a group, research analysts predict that Clover Health Investments will post 0.06 EPS for the current year.

Insider Activity at Clover Health Investments

In related news, CEO Andrew Toy sold 313,476 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total transaction of $1,667,692.32. Following the transaction, the chief executive officer owned 9,609,825 shares in the company, valued at $51,124,269. The trade was a 3.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. Also, VP Joseph Frank Oldakowski sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $5.16, for a total value of $103,200.00. Following the transaction, the vice president directly owned 279,067 shares of the company’s stock, valued at $1,439,985.72. The trade was a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 428,120 shares of company stock worth $2,211,877 in the last 90 days. Company insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC raised its position in shares of Clover Health Investments by 8.2% in the 4th quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after purchasing an additional 5,660 shares during the last quarter. Kestra Private Wealth Services LLC grew its position in Clover Health Investments by 44.1% during the 1st quarter. Kestra Private Wealth Services LLC now owns 24,525 shares of the company’s stock valued at $43,000 after purchasing an additional 7,500 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Clover Health Investments during the 2nd quarter valued at about $42,000. Nykredit A S bought a new stake in Clover Health Investments during the 2nd quarter valued at about $45,000. Finally, USAdvisors Wealth Management LLC increased its stake in Clover Health Investments by 40.0% during the 1st quarter. USAdvisors Wealth Management LLC now owns 35,000 shares of the company’s stock valued at $60,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

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.