Clover Health Investments (NASDAQ:CLOV) Sets New 52-Week Low – Here’s What Happened

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $1.92 and last traded at $1.9250, with a volume of 4887658 shares trading hands. The stock had previously closed at $1.97.

Analyst Ratings Changes

A number of brokerages recently issued reports on CLOV. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. Zacks Research lowered shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Canaccord Genuity Group restated a “buy” rating and issued a $3.70 target price on shares of Clover Health Investments in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. Finally, Leerink Partners decreased 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. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.07.

Clover Health Investments Trading Down 2.3%

The company’s 50-day simple moving average is $2.24 and its 200-day simple moving average is $2.59. The stock has a market capitalization of $994.61 million, a price-to-earnings ratio of -11.32 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The business had revenue of $487.71 million during the quarter, compared to the consensus estimate of $467.06 million. Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%. On average, equities research analysts expect that Clover Health Investments, Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Clover Health Investments

In other news, CEO Brady Patrick Priest sold 175,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,998,584 shares in the company, valued at $4,336,927.28. This trade represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 24.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLOV. Abel Hall LLC acquired a new position in shares of Clover Health Investments in the 4th quarter worth approximately $27,000. Allworth Financial LP boosted its stake 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 purchasing an additional 6,527 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Clover Health Investments during the fourth quarter worth $29,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Clover Health Investments during the fourth quarter worth $29,000. Finally, Alteri Wealth LLC bought a new position in Clover Health Investments during the second quarter worth $30,000. 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.