Clover Health Investments (NASDAQ:CLOV) Reaches New 1-Year High – Still a Buy?

Clover Health Investments, Corp. (NASDAQ:CLOV)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $4.29 and last traded at $4.3350, with a volume of 1349789 shares changing hands. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

CLOV has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Canaccord Genuity Group upped their price objective on Clover Health Investments from $3.20 to $4.20 and gave the company a “buy” rating in a research report on Thursday, June 4th. Leerink Partners cut 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. Finally, Wall Street Zen raised Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.23.

Clover Health Investments Trading Up 14.0%

The company has a 50-day simple moving average of $2.93 and a 200 day simple moving average of $2.52. The company has a market cap of $2.58 billion, a P/E ratio of -40.75 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, missing the consensus estimate 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.

Insider Transactions at Clover Health Investments

In other news, CEO Conrad Wai sold 220,426 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $5,546,323.44. This represents a 13.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the transaction, the chief executive officer directly owned 2,040,222 shares in the company, valued at $7,181,581.44. The trade was a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 385,625 shares of company stock valued at $1,454,284. 23.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds and other institutional investors have recently made changes to their positions in the company. Divisadero Street Capital Management LP bought a new position in shares of Clover Health Investments during the 3rd quarter worth $8,470,000. Principal Financial Group Inc. grew its position in shares of Clover Health Investments by 1,590.3% during the 3rd quarter. Principal Financial Group Inc. now owns 485,433 shares of the company’s stock worth $1,485,000 after buying an additional 456,715 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Clover Health Investments by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company’s stock worth $55,192,000 after buying an additional 425,904 shares in the last quarter. Consolidated Portfolio Review Corp lifted its stake in shares of Clover Health Investments by 178.0% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 104,442 shares of the company’s stock worth $320,000 after purchasing an additional 66,868 shares during the last quarter. Finally, 111 Capital purchased a new stake in shares of Clover Health Investments during the 3rd quarter worth $42,000. 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.