Clover Health Investments (NASDAQ:CLOV) Trading 11.3% Higher – Should You Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) traded up 11.3% during mid-day trading on Thursday . The stock traded as high as $4.02 and last traded at $3.9950. 3,224,542 shares changed hands during trading, a decline of 47% from the average session volume of 6,121,653 shares. The stock had previously closed at $3.59.

Analysts Set New Price Targets

CLOV has been the topic of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Canaccord Genuity Group decreased their price objective on Clover Health Investments from $3.70 to $3.20 and set a “buy” rating for the company in a research note on Friday, March 20th. Leerink Partners lowered 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. Finally, Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.90.

Clover Health Investments Trading Down 4.8%

The company has a 50 day simple moving average of $2.57 and a 200 day simple moving average of $2.43. The stock has a market cap of $2.10 billion, a P/E ratio of -33.16 and a beta of 2.44.

Clover Health Investments (NASDAQ:CLOV) last released 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). Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%. The business had revenue of $749.19 million during the quarter, compared to the consensus estimate of $714.89 million. As a group, sell-side analysts expect that Clover Health Investments, Corp. will post -0.02 earnings per share for the current year.

Insider Activity

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 67,160 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the completion of the sale, the director owned 285,432 shares in the company, valued at $976,177.44. This trade represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Conrad Wai sold 220,426 shares of the business’s stock in a transaction dated 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 owned 1,390,056 shares in the company, valued at $5,546,323.44. This represents a 13.69% 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. In the last 90 days, insiders sold 560,625 shares of company stock valued at $1,834,034. 23.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CLOV. Divisadero Street Capital Management LP acquired a new position in shares of Clover Health Investments during the 3rd quarter worth approximately $8,470,000. Bank of America Corp DE lifted its holdings in Clover Health Investments by 217.5% during the 2nd quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Clover Health Investments by 69.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock valued at $8,542,000 after purchasing an additional 1,494,043 shares during the last quarter. First Trust Advisors LP bought a new position in Clover Health Investments during the second quarter worth $4,149,000. Finally, UBS Group AG boosted its position in Clover Health Investments by 155.5% during the third quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock worth $6,983,000 after purchasing an additional 1,388,761 shares during the period. 19.77% of the stock is currently 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.