Canaccord Genuity Group Lowers Clover Health Investments (NASDAQ:CLOV) Price Target to $3.20

Clover Health Investments (NASDAQ:CLOV) had its price target lowered by equities research analysts at Canaccord Genuity Group from $3.70 to $3.20 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 69.31% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on CLOV. Leerink Partners reduced their target price on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, December 29th. Zacks Research downgraded Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Finally, Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.90.

Clover Health Investments Stock Performance

Shares of CLOV opened at $1.89 on Friday. The business’s 50 day moving average is $2.18 and its 200 day moving average is $2.57. Clover Health Investments has a 12-month low of $1.85 and a 12-month high of $3.92. The company has a market capitalization of $976.53 million, a PE ratio of -11.12 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%.The business had revenue of $487.71 million during the quarter, compared to the consensus estimate of $467.06 million. Equities research analysts predict that Clover Health Investments will post -0.12 earnings per share for the current year.

Insider Buying and Selling at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 175,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.07% of the company’s stock.

Institutional Trading of Clover Health Investments

Several institutional investors and hedge funds have recently made changes to their positions in CLOV. Vanguard Group Inc. lifted its holdings in shares of Clover Health Investments by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock valued at $55,192,000 after purchasing an additional 425,904 shares during the last quarter. Geode Capital Management LLC grew its position in Clover Health Investments by 95.7% during the 2nd quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock worth $27,467,000 after purchasing an additional 4,812,368 shares during the last quarter. State Street Corp grew its position in Clover Health Investments by 4.1% during the 4th quarter. State Street Corp now owns 9,320,183 shares of the company’s stock worth $21,902,000 after purchasing an additional 368,507 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Clover Health Investments by 9.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,690,904 shares of the company’s stock valued at $11,024,000 after purchasing an additional 419,389 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Clover Health Investments by 217.5% during the 2nd 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. 19.77% of the stock is currently owned by institutional investors.

About Clover Health Investments

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.