Clover Health Investments (NASDAQ:CLOV) Price Target Lowered to $3.70 at Canaccord Genuity Group

Clover Health Investments (NASDAQ:CLOV) had its target price decreased by Canaccord Genuity Group from $4.10 to $3.70 in a research note published on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

CLOV has been the subject of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Wednesday, October 8th. UBS Group decreased their target price on Clover Health Investments from $4.50 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Leerink Partners set a $3.00 price objective on Clover Health Investments and gave the stock a “market perform” rating in a research note on Tuesday, October 21st. Finally, Zacks Research upgraded Clover Health Investments from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Clover Health Investments Stock Up 2.3%

CLOV stock traded up $0.06 during mid-day trading on Thursday, reaching $2.67. The company had a trading volume of 11,663,241 shares, compared to its average volume of 7,867,421. The stock has a market capitalization of $1.37 billion, a P/E ratio of -24.27 and a beta of 2.07. The stock’s 50-day simple moving average is $3.00 and its two-hundred day simple moving average is $3.01. Clover Health Investments has a one year low of $2.12 and a one year high of $4.87.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.07). Clover Health Investments had a negative return on equity of 16.80% and a negative net margin of 3.29%.The business had revenue of $496.65 million for the quarter, compared to analyst estimates of $467.18 million. On average, research analysts forecast that Clover Health Investments will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Clover Health Investments news, Director Anna U. Loengard bought 26,500 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the transaction, the director owned 29,610 shares of the company’s stock, valued at approximately $76,689.90. The trade was a 852.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 24.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of Clover Health Investments by 704.2% during the first quarter. Victory Capital Management Inc. now owns 375,336 shares of the company’s stock worth $1,347,000 after purchasing an additional 328,665 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Clover Health Investments by 34.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 57,787 shares of the company’s stock worth $207,000 after purchasing an additional 14,958 shares during the last quarter. Wedbush Securities Inc. grew its holdings in shares of Clover Health Investments by 110.0% in the 1st quarter. Wedbush Securities Inc. now owns 21,000 shares of the company’s stock valued at $75,000 after acquiring an additional 11,000 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Clover Health Investments during the 1st quarter worth approximately $100,000. Finally, TradeLink Capital LLC bought a new stake in Clover Health Investments during the first quarter worth $110,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Clover Health Investments Company Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.