Clover Health Investments, Corp. (NASDAQ:CLOV – Get Free Report)’s share price reached a new 52-week high during 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
A number of research firms have issued reports on CLOV. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Leerink Partners dropped 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 report on Thursday, March 5th. UBS Group raised their price target on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Friday, March 27th. Finally, Canaccord Genuity Group upped their price objective on shares of Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, three have given 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 a consensus target price of $3.82.
Read Our Latest Stock Report on CLOV
Clover Health Investments Stock Down 1.6%
Clover Health Investments (NASDAQ:CLOV – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $714.89 million.
Insider Buying and Selling
In related news, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $3.42, for a total value of $229,687.20. Following the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $3.52, for a total transaction of $345,097.28. Following the sale, the chief executive officer directly owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 402,408 shares of company stock valued at $1,534,679 in the last ninety days. Insiders own 23.51% of the company’s stock.
Institutional Investors Weigh In On Clover Health Investments
Several large investors have recently modified their holdings of the company. Divisadero Street Capital Management LP bought a new stake in Clover Health Investments in the third quarter worth approximately $8,470,000. Bank of America Corp DE lifted its stake in Clover Health Investments by 217.5% in the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after buying an additional 2,748,783 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Clover Health Investments by 69.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock worth $8,542,000 after buying an additional 1,494,043 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Clover Health Investments during the 2nd quarter worth approximately $4,149,000. Finally, UBS Group AG grew its position in shares of Clover Health Investments by 155.5% during the 3rd quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock worth $6,983,000 after buying an additional 1,388,761 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.
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.
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