Zacks Research Upgrades Clover Health Investments (NASDAQ:CLOV) to “Hold”

Clover Health Investments (NASDAQ:CLOV) was upgraded by stock analysts at Zacks Research to a “hold” rating in a research report issued on Monday, Zacks reports.

A number of other research analysts have also issued reports on the stock. UBS Group boosted their target price on shares of Clover Health Investments from $4.75 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen cut Clover Health Investments from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Clover Health Investments in a report on Thursday, September 10th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Canaccord Genuity Group raised their target price on Clover Health Investments from $4.20 to $5.50 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.75.

Clover Health Investments Stock Performance

Shares of CLOV opened at $4.66 on Monday. Clover Health Investments has a 1 year low of $1.58 and a 1 year high of $5.59. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -93.18 and a beta of 2.47. The firm has a fifty day moving average of $4.42 and a 200-day moving average of $3.59.

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 the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative net margin of 0.74% and a negative return on equity of 4.20%. The business had revenue of $743.17 million during the quarter, compared to analyst estimates of $728.27 million. Analysts predict that Clover Health Investments will post 0.06 EPS for the current year.

Insider Activity at Clover Health Investments

In other Clover Health Investments news, CEO Andrew Toy sold 87,798 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $4.65, for a total value of $408,260.70. Following the transaction, the chief executive officer owned 9,459,316 shares of the company’s stock, valued at approximately $43,985,819.40. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Karen Soares sold 6,846 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $4.78, for a total value of $32,723.88. Following the sale, the insider owned 1,607,371 shares of the company’s stock, valued at $7,683,233.38. This trade represents a 0.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 428,120 shares of company stock valued at $2,211,877 over the last ninety days. Insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in shares of Clover Health Investments in the 2nd quarter valued at $6,346,000. Tidal Investments LLC acquired a new stake in Clover Health Investments during the 2nd quarter worth about $2,156,000. WINTON GROUP Ltd acquired a new stake in Clover Health Investments during the 2nd quarter worth about $913,000. California State Teachers Retirement System lifted its stake in Clover Health Investments by 24.1% during the first quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock valued at $875,000 after buying an additional 96,458 shares in the last quarter. Finally, AXQ Capital LP lifted its stake in Clover Health Investments by 602.6% during the second quarter. AXQ Capital LP now owns 146,569 shares of the company’s stock valued at $768,000 after buying an additional 125,708 shares in the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

Clover Health Investments, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.