Clover Health Investments (NASDAQ:CLOV) Cut to Sell at Wall Street Zen

Clover Health Investments (NASDAQ:CLOV) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Other equities analysts have also issued research reports about the company. Zacks Research raised Clover Health Investments from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 24th. UBS Group cut their price target on shares of Clover Health Investments from $4.50 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. Canaccord Genuity Group reduced their price objective on shares of Clover Health Investments from $4.10 to $3.70 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research note on Wednesday, October 8th. Finally, Leerink Partners set a $3.00 target price on shares of Clover Health Investments and gave the stock a “market perform” rating in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.93.

Clover Health Investments Stock Performance

Shares of CLOV stock opened at $2.47 on Friday. The firm’s 50 day moving average price is $2.99 and its two-hundred day moving average price is $2.97. Clover Health Investments has a 52-week low of $2.12 and a 52-week high of $4.87. The stock has a market cap of $1.28 billion, a PE ratio of -22.45 and a beta of 2.07.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.07). Clover Health Investments had a negative net margin of 3.29% and a negative return on equity of 16.79%. The company had revenue of $496.65 million during the quarter, compared to analyst estimates of $467.18 million. As a group, sell-side analysts predict that Clover Health Investments will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently made changes to their positions in CLOV. Geode Capital Management LLC lifted its position in Clover Health Investments by 95.7% in the 2nd quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock valued at $27,467,000 after acquiring an additional 4,812,368 shares in the last quarter. Millennium Management LLC raised its stake in shares of Clover Health Investments by 365.9% in the 1st quarter. Millennium Management LLC now owns 5,804,006 shares of the company’s stock valued at $20,836,000 after purchasing an additional 4,558,305 shares during the period. Bank of America Corp DE lifted its holdings in shares of Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Clover Health Investments during the second quarter worth about $4,149,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Clover Health Investments by 199.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,140,282 shares of the company’s stock worth $6,551,000 after buying an additional 1,425,391 shares during the period. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.