Clover Health Investments (NASDAQ:CLOV) Reaches New 52-Week Low on Analyst Downgrade

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price reached a new 52-week low during mid-day trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $3.70 to $3.20. Canaccord Genuity Group currently has a buy rating on the stock. Clover Health Investments traded as low as $1.85 and last traded at $1.8750, with a volume of 2255079 shares. The stock had previously closed at $1.89.

CLOV has been the topic of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, December 29th. Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Leerink Partners lowered 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 note on Thursday, March 5th. Finally, Zacks Research downgraded shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.90.

Insider Activity at Clover Health Investments

In related news, CEO Brady Patrick Priest sold 175,000 shares of the firm’s 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 sale, the chief executive officer owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. This trade represents a 8.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 24.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors have recently modified their holdings of the business. Divisadero Street Capital Management LP acquired a new stake in Clover Health Investments during the 3rd quarter worth approximately $8,470,000. Soviero Asset Management LP boosted its holdings in shares of Clover Health Investments by 260.0% in the second quarter. Soviero Asset Management LP now owns 900,000 shares of the company’s stock valued at $2,511,000 after buying an additional 650,000 shares during the period. Rhumbline Advisers increased its position in shares of Clover Health Investments by 8,149.2% during the second quarter. Rhumbline Advisers now owns 584,459 shares of the company’s stock worth $1,631,000 after acquiring an additional 577,374 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Clover Health Investments by 95.7% during the second quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company’s stock worth $27,467,000 after acquiring an additional 4,812,368 shares in the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Clover Health Investments during the second quarter worth $115,000. Institutional investors own 19.77% of the company’s stock.

Clover Health Investments Stock Down 2.1%

The firm has a market capitalization of $970.64 million, a price-to-earnings ratio of -10.88 and a beta of 2.15. The business’s fifty day moving average is $2.17 and its 200 day moving average is $2.56.

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

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.