Clover Health Investments (NASDAQ:CLOV) Stock Gets Price Target Increase from UBS Group

Clover Health Investments (NASDAQ:CLOV) had its price target increased by UBS Group from $5.00 to $5.50 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group‘s price target would suggest a potential upside of 14.11% from the company’s current price.

Several other brokerages have also recently weighed in on CLOV. Zacks Research raised Clover Health Investments to a “hold” rating in a research note on Monday, September 14th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Clover Health Investments in a report on Thursday, September 10th. They issued a “buy” rating and a $6.00 price target for the company. Wall Street Zen lowered shares of Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Canaccord Genuity Group lifted their price objective on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Needham & Company LLC reissued a “buy” rating on shares of Clover Health Investments in a research note on Thursday. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.10.

Clover Health Investments Price Performance

Shares of NASDAQ CLOV traded up $0.34 during midday trading on Thursday, hitting $4.82. 7,548,671 shares of the company’s stock were exchanged, compared to its average volume of 4,228,942. Clover Health Investments has a twelve month low of $1.58 and a twelve month high of $5.59. The firm has a market cap of $2.56 billion, a P/E ratio of 482.48 and a beta of 2.52. The stock’s 50 day moving average price is $4.54 and its 200-day moving average price is $3.59.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, November 4th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. The firm had revenue of $759.30 million for the quarter, compared to analysts’ expectations of $740.07 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. On average, analysts expect that Clover Health Investments will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Clover Health Investments news, CEO Conrad Wai sold 300,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $4.72, for a total transaction of $1,416,000.00. Following the completion of the sale, the chief executive officer directly owned 1,170,056 shares of the company’s stock, valued at approximately $5,522,664.32. This represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Soares sold 19,275 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $4.66, for a total transaction of $89,821.50. Following the sale, the insider owned 1,573,423 shares in the company, valued at $7,332,151.18. This represents a 1.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 856,371 shares of company stock worth $3,870,740. Company insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in shares of Clover Health Investments by 223.4% in the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company’s stock valued at $47,000 after purchasing an additional 7,498 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Clover Health Investments during the second quarter valued at $42,000. Allworth Financial LP raised its position in Clover Health Investments by 200.7% during the third quarter. Allworth Financial LP now owns 12,281 shares of the company’s stock valued at $53,000 after buying an additional 8,197 shares during the period. Nykredit A S purchased a new stake in Clover Health Investments in the 2nd quarter worth about $45,000. Finally, Ballew Advisors Inc acquired a new stake in Clover Health Investments during the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

About Clover Health Investments

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.