Clover Health Investments (NASDAQ:CLOV) Rating Lowered to Buy at Wall Street Zen

Clover Health Investments (NASDAQ:CLOV) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday.

CLOV has been the subject of a number of other research reports. UBS Group lifted their price objective on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group raised their target price on shares of Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.33.

Clover Health Investments Trading Down 7.2%

NASDAQ CLOV opened at $4.27 on Friday. The company has a market cap of $2.27 billion, a PE ratio of -85.38 and a beta of 2.48. Clover Health Investments has a 12 month low of $1.58 and a 12 month high of $5.59. The stock has a 50 day moving average of $4.72 and a 200-day moving average of $3.25.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The business had revenue of $743.17 million during the quarter, compared to analysts’ expectations of $728.27 million.

Insider Activity at Clover Health Investments

In related news, CEO Andrew Toy sold 87,798 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $4.65, for a total value of $408,260.70. Following the sale, the chief executive officer owned 9,459,316 shares in the company, valued at approximately $43,985,819.40. This represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Conrad Wai sold 220,426 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $3.99, for a total value of $879,499.74. Following the sale, the chief executive officer directly owned 1,390,056 shares of the company’s stock, valued at $5,546,323.44. This represents a 13.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 638,483 shares of company stock worth $3,035,848. Company insiders own 23.51% of the company’s stock.

Institutional Trading of Clover Health Investments

A number of hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC bought a new position in Clover Health Investments in the 1st quarter valued at about $309,000. Vanguard Group Inc. lifted its position in Clover Health Investments by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock worth $55,192,000 after acquiring an additional 425,904 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Clover Health Investments during the second quarter worth approximately $31,000. Quadrature Capital Ltd bought a new stake in shares of Clover Health Investments during the fourth quarter worth approximately $29,000. Finally, Allworth Financial LP boosted its holdings in shares of Clover Health Investments by 218.9% during the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares during the period. 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.