Clover Health Investments (NASDAQ:CLOV) Shares Up 8.3% – Should You Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV) traded up 8.3% during mid-day trading on Tuesday . The company traded as high as $2.38 and last traded at $2.4150. 1,307,014 shares were traded during trading, a decline of 77% from the average session volume of 5,730,949 shares. The stock had previously closed at $2.23.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Canaccord Genuity Group decreased their target price on shares of Clover Health Investments from $3.70 to $3.20 and set a “buy” rating on the stock in a research report on Friday, March 20th. Leerink Partners decreased their target price on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. Finally, Wall Street Zen raised Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.90.

Clover Health Investments Trading Up 6.5%

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -13.97 and a beta of 2.24. The firm has a 50 day moving average price of $1.97 and a two-hundred day moving average price of $2.40.

Clover Health Investments (NASDAQ:CLOV) last posted its 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). The business had revenue of $487.71 million for the quarter, compared to analyst estimates of $467.06 million. Clover Health Investments had a negative net margin of 4.45% and a negative return on equity of 25.17%. As a group, research analysts forecast that Clover Health Investments, Corp. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brady Patrick Priest sold 175,000 shares of the business’s stock in a transaction that occurred 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 directly owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. The trade was a 8.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 24.07% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors have recently added to or reduced their stakes in CLOV. Forum Financial Management LP raised its position in shares of Clover Health Investments by 8.7% in the 3rd quarter. Forum Financial Management LP now owns 37,237 shares of the company’s stock valued at $114,000 after purchasing an additional 2,990 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Clover Health Investments by 1.2% in the 3rd quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock valued at $1,273,000 after purchasing an additional 5,085 shares in the last quarter. ProShare Advisors LLC raised its stake 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 valued at $176,000 after purchasing an additional 5,660 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in shares of Clover Health Investments by 53.5% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 17,002 shares of the company’s stock valued at $52,000 after purchasing an additional 5,926 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after purchasing an additional 6,527 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.