Clover Health Investments, Corp. (NASDAQ:CLOV – Get Free Report)’s share price traded up 4.7% during mid-day trading on Tuesday . The stock traded as high as $4.35 and last traded at $4.3450. Approximately 1,096,672 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 6,216,778 shares. The stock had previously closed at $4.15.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. Canaccord Genuity Group lifted their price target on shares of Clover Health Investments from $4.20 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. UBS Group raised their price objective on Clover Health Investments from $4.75 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Wall Street Zen cut Clover Health Investments from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. 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’s stock. According to data from MarketBeat.com, Clover Health Investments currently has an average rating of “Hold” and an average target price of $4.33.
View Our Latest Stock Analysis on CLOV
Clover Health Investments Price Performance
Clover Health Investments (NASDAQ:CLOV – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%.The firm had revenue of $743.17 million during the quarter, compared to the consensus estimate of $728.27 million.
Insider Buying and Selling at Clover Health Investments
In other news, CEO Andrew Toy sold 87,798 shares of Clover Health Investments stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $4.65, for a total value of $408,260.70. Following the sale, the chief executive officer owned 9,459,316 shares of the company’s stock, valued at $43,985,819.40. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal 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, VP Joseph Frank Oldakowski sold 12,102 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $4.86, for a total transaction of $58,815.72. Following the transaction, the vice president owned 299,067 shares in the company, valued at approximately $1,453,465.62. This trade represents a 3.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 418,057 shares of company stock valued at $2,156,348 in the last 90 days. Company insiders own 23.51% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of CLOV. Public Employees Retirement System of Ohio acquired a new stake in Clover Health Investments in the second quarter valued at $42,000. Nykredit A S purchased a new position in shares of Clover Health Investments in the 2nd quarter valued at about $45,000. Allworth Financial LP increased its holdings in shares of Clover Health Investments by 218.9% in the 3rd quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after purchasing an additional 6,527 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Clover Health Investments in the first quarter valued at about $37,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Clover Health Investments during the second quarter worth about $31,000. Institutional investors and hedge funds 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.
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