Clover Health Investments (NASDAQ:CLOV) Stock Price Down 6.2% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on CLOV. Canaccord Genuity Group increased their price target on Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Leerink Partners reduced their price objective on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, UBS Group lifted their price objective on Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a research report on Thursday. One research 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.82.

Clover Health Investments Stock Down 4.4%

The stock’s 50-day simple moving average is $2.99 and its 200 day simple moving average is $2.54. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -39.04 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last posted its earnings results on Wednesday, May 6th. The company reported $0.05 EPS 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 company had revenue of $749.19 million during the quarter, compared to analyst estimates of $714.89 million.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $3.42, for a total value of $229,687.20. Following the transaction, the director 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. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Conrad Wai sold 220,426 shares of the company’s 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 in the company, valued at $5,546,323.44. The trade was 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. Insiders have sold 385,625 shares of company stock valued at $1,454,284 over the last 90 days. 23.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently modified their holdings of the company. Abel Hall LLC purchased a new stake in shares of Clover Health Investments in the 4th quarter valued at $27,000. Allworth Financial LP raised its holdings in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Clover Health Investments in the fourth quarter worth $29,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Clover Health Investments in the fourth quarter worth $29,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments in the second quarter valued at $31,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Clover Health Investments Company Profile

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.