Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.2% – Here’s Why

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price was down 6.2% during trading on Friday . The stock traded as low as $4.59 and last traded at $4.5940. Approximately 4,064,689 shares changed hands during trading, a decline of 39% from the average daily volume of 6,656,397 shares. The stock had previously closed at $4.90.

Analysts Set New Price Targets

Several equities analysts recently commented on CLOV shares. Wall Street Zen upgraded shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Leerink Partners cut their target price on shares of 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 reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Friday, March 27th. UBS Group upped their target price on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research note on Thursday. Finally, Canaccord Genuity Group upped their target price on shares of 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.82.

Clover Health Investments Stock Performance

The company has a market cap of $2.49 billion, a price-to-earnings ratio of -39.41 and a beta of 2.54. The business’s 50 day moving average price is $3.05 and its 200-day moving average price is $2.55.

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

Insider Activity at Clover Health Investments

In related news, CEO Conrad Wai sold 220,426 shares of Clover Health Investments stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $3.99, for a total transaction of $879,499.74. Following the completion of the transaction, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. This trade represents a 13.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of Clover Health Investments stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total transaction of $229,687.20. Following the transaction, the director directly owned 285,432 shares of the company’s stock, valued at $976,177.44. This represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 385,625 shares of company stock valued at $1,454,284 in the last ninety days. Insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors have recently added to or reduced their stakes in the company. Abel Hall LLC bought a new position in Clover Health Investments during the 4th quarter valued at about $27,000. Allworth Financial LP lifted its holdings in Clover Health Investments by 218.9% during 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 during the last quarter. Quadrature Capital Ltd bought a new position in Clover Health Investments during the 4th quarter valued at about $29,000. Schonfeld Strategic Advisors LLC bought a new position in Clover Health Investments during the 4th quarter valued at about $29,000. Finally, Envestnet Asset Management Inc. bought a new position in Clover Health Investments during the 2nd quarter valued at about $31,000. 19.77% of the stock is 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.