Clover Health Investments (NASDAQ:CLOV) Earns “Buy” Rating from Canaccord Genuity Group

Clover Health Investments (NASDAQ:CLOV)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity Group in a report released on Tuesday,Benzinga reports. They currently have a $3.70 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 41.22% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on CLOV. Leerink Partners set a $3.00 price objective on shares of Clover Health Investments and gave the stock a “market perform” rating in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Monday, December 29th. Zacks Research cut shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Finally, Wall Street Zen upgraded Clover Health Investments from a “sell” rating to a “hold” rating in a research note on Saturday, December 13th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Clover Health Investments presently has a consensus rating of “Hold” and a consensus price target of $3.23.

Clover Health Investments Price Performance

Shares of NASDAQ:CLOV opened at $2.62 on Tuesday. The business’s 50 day simple moving average is $2.52 and its 200 day simple moving average is $2.77. Clover Health Investments has a 1 year low of $2.12 and a 1 year high of $4.87. The company has a market capitalization of $1.35 billion, a P/E ratio of -23.82 and a beta of 2.12.

Clover Health Investments (NASDAQ:CLOV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.07). The company had revenue of $496.65 million during the quarter, compared to analyst estimates of $467.18 million. Clover Health Investments had a negative net margin of 3.29% and a negative return on equity of 16.79%. On average, sell-side analysts anticipate that Clover Health Investments will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Forum Financial Management LP grew its stake in shares of Clover Health Investments by 8.7% in the third quarter. Forum Financial Management LP now owns 37,237 shares of the company’s stock worth $114,000 after purchasing an additional 2,990 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Clover Health Investments by 21.7% during the 2nd quarter. Janney Montgomery Scott LLC now owns 24,860 shares of the company’s stock worth $69,000 after buying an additional 4,426 shares during the period. Alliancebernstein L.P. grew its position in shares of Clover Health Investments by 1.2% in the 3rd quarter. Alliancebernstein L.P. now owns 415,985 shares of the company’s stock valued at $1,273,000 after buying an additional 5,085 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Clover Health Investments by 53.5% in the third quarter. Swiss Life Asset Management Ltd now owns 17,002 shares of the company’s stock valued at $52,000 after buying an additional 5,926 shares during the period. Finally, Allworth Financial LP increased its stake in shares of Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock valued at $29,000 after buying an additional 6,527 shares during the period. 19.77% of the stock is currently owned by institutional investors.

About Clover Health Investments

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.