Clover Health Investments (NASDAQ:CLOV) Now Covered by Needham & Company LLC

Needham & Company LLC began coverage on shares of Clover Health Investments (NASDAQ:CLOV) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Needham & Company LLC‘s price objective would indicate a potential upside of 29.59% from the stock’s current price.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Clover Health Investments in a report on Thursday, September 10th. They set a “buy” rating and a $6.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research note on Monday, September 21st. Zacks Research raised Clover Health Investments to a “hold” rating in a report on Monday, September 14th. Finally, UBS Group increased their price target on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.00.

Clover Health Investments Trading Up 1.5%

Shares of CLOV opened at $4.63 on Wednesday. The business’s fifty day moving average is $4.48 and its 200 day moving average is $3.51. Clover Health Investments has a 12-month low of $1.58 and a 12-month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. On average, equities research analysts expect that Clover Health Investments will post 0.06 EPS for the current fiscal year.

Insider Activity

In other Clover Health Investments news, CEO Conrad Wai sold 23,627 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $4.68, for a total value of $110,574.36. Following the completion of the transaction, the chief executive officer owned 1,042,072 shares of the company’s stock, valued at $4,876,896.96. The trade was a 2.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Andrew Toy sold 62,176 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $4.68, for a total transaction of $290,983.68. Following the completion of the transaction, the chief executive officer owned 9,078,334 shares of the company’s stock, valued at $42,486,603.12. This trade represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last quarter, insiders sold 856,371 shares of company stock worth $3,870,740. Insiders own 23.51% of the company’s stock.

Institutional Trading of Clover Health Investments

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC bought a new stake in shares of Clover Health Investments in the 2nd quarter worth approximately $2,156,000. Bank of New York Mellon Corp purchased a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $6,346,000. WINTON GROUP Ltd purchased a new position in shares of Clover Health Investments in the 2nd quarter valued at approximately $913,000. Lazard Asset Management LLC bought a new stake in shares of Clover Health Investments during the first quarter valued at approximately $309,000. Finally, AXQ Capital LP raised its holdings in Clover Health Investments by 602.6% in the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock worth $768,000 after purchasing an additional 125,708 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.