Clover Health Investments (NASDAQ:CLOV) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Clover Health Investments (NASDAQ:CLOV) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Several other brokerages have also recently commented on CLOV. UBS Group boosted their target price on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a report on Thursday. Canaccord Genuity Group increased their price target on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.33.

Clover Health Investments Trading Up 2.1%

Clover Health Investments stock opened at $4.76 on Friday. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -95.18 and a beta of 2.47. The company’s 50-day moving average price is $4.64 and its two-hundred day moving average price is $3.17. Clover Health Investments has a 52 week low of $1.58 and a 52 week high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $743.17 million for the quarter, compared to the consensus estimate of $728.27 million. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.35%.

Insider Buying and Selling

In related news, CEO Conrad Wai sold 220,426 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,390,056 shares in the company, valued at approximately $5,546,323.44. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brady Patrick Priest sold 98,039 shares of Clover Health Investments stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total transaction of $345,097.28. Following the completion of the transaction, the chief executive officer owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. This trade represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 715,884 shares of company stock worth $3,202,372. 23.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Clover Health Investments in the 1st quarter worth $49,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Clover Health Investments during the first quarter valued at $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Clover Health Investments by 3.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company’s stock valued at $3,070,000 after purchasing an additional 24,807 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Clover Health Investments in the 2nd quarter valued at $31,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Clover Health Investments by 41.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company’s stock valued at $1,768,000 after purchasing an additional 186,047 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.