Clover Health Investments (NASDAQ:CLOV) Hits New 12-Month High – Here’s Why

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $5.22 and last traded at $5.09, with a volume of 1557255 shares traded. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. Leerink Partners dropped their price target on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, March 5th. Canaccord Genuity Group boosted their price objective on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, UBS Group upped their price objective on Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.82.

Clover Health Investments Trading Up 3.3%

The stock’s 50-day moving average price is $3.36 and its two-hundred day moving average price is $2.64. The stock has a market capitalization of $2.72 billion, a P/E ratio of -43.04 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly 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 return on equity of 16.52% and a negative net margin of 2.58%.The company 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 related news, CEO Conrad Wai sold 220,426 shares of Clover Health Investments stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the sale, the chief executive officer owned 1,390,056 shares of the company’s stock, valued at approximately $5,546,323.44. This trade represents a 13.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carladenise Armbrister Edwards sold 67,160 shares of the business’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 completion of the sale, the director owned 285,432 shares in the company, valued at $976,177.44. This represents a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 402,408 shares of company stock valued at $1,534,679. Corporate insiders own 23.51% of the company’s stock.

Hedge Funds Weigh In On Clover Health Investments

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLOV. Divisadero Street Capital Management LP bought a new position in Clover Health Investments in the 3rd quarter valued at $8,470,000. Vanguard Group Inc. raised its position in shares of Clover Health Investments by 1.8% in the fourth 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. Global Retirement Partners LLC boosted its stake in Clover Health Investments by 2,115.3% during the fourth quarter. Global Retirement Partners LLC now owns 32,675 shares of the company’s stock valued at $77,000 after buying an additional 31,200 shares during the period. ProShare Advisors LLC grew its position in Clover Health Investments by 8.2% during the fourth quarter. ProShare Advisors LLC now owns 74,700 shares of the company’s stock worth $176,000 after buying an additional 5,660 shares in the last quarter. Finally, 111 Capital purchased a new position in Clover Health Investments during the third quarter worth about $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.