Clover Health Investments (NASDAQ:CLOV) Reaches New 1-Year High – What’s Next?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) reached a new 52-week high on Tuesday . The company traded as high as $4.29 and last traded at $4.3350, with a volume of 1349789 shares trading hands. The stock had previously closed at $3.92.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday. Leerink Partners decreased 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. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. Finally, Canaccord Genuity Group raised their price target on Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.23.

Clover Health Investments Stock Performance

The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -34.87 and a beta of 2.54. The business has a fifty day moving average of $2.81 and a two-hundred day moving average of $2.48.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.

Insider Buying and Selling

In related news, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $879,499.74. Following the transaction, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. The trade was a 13.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brady Patrick Priest sold 98,039 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the transaction, the chief executive officer directly owned 2,040,222 shares in the company, valued at $7,181,581.44. The trade was a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 385,625 shares of company stock valued at $1,454,284. 23.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Abel Hall LLC acquired a new position in shares of Clover Health Investments during the 4th quarter worth $27,000. Allworth Financial LP raised its holdings in shares of Clover Health Investments by 218.9% during the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after buying an additional 6,527 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Clover Health Investments during the 4th quarter worth $29,000. Schonfeld Strategic Advisors LLC acquired a new position in Clover Health Investments in the 4th quarter worth about $29,000. Finally, Envestnet Asset Management Inc. acquired a new position in Clover Health Investments in the 2nd quarter worth about $31,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.