Canaccord Genuity Group Cuts Clover Health Investments (NASDAQ:CLOV) Price Target to $3.20

Clover Health Investments (NASDAQ:CLOV) had its price objective reduced by Canaccord Genuity Group from $3.70 to $3.20 in a report issued on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Clover Health Investments from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. Zacks Research downgraded shares of Clover Health Investments from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Leerink Partners decreased their price target on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, March 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.90.

Clover Health Investments Price Performance

NASDAQ:CLOV opened at $1.89 on Friday. The stock’s 50 day moving average price is $2.18 and its two-hundred day moving average price is $2.57. The firm has a market capitalization of $991.63 million, a price-to-earnings ratio of -11.12 and a beta of 2.15. Clover Health Investments has a 12-month low of $1.85 and a 12-month high of $3.92.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Thursday, February 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Clover Health Investments had a negative return on equity of 25.17% and a negative net margin of 4.45%.The business had revenue of $487.71 million for the quarter, compared to the consensus estimate of $467.06 million. Equities research analysts expect that Clover Health Investments will post -0.12 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brady Patrick Priest sold 175,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $2.17, for a total value of $379,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,998,584 shares of the company’s stock, valued at approximately $4,336,927.28. This trade represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CLOV. Abel Hall LLC purchased a new stake in shares of Clover Health Investments in the 4th quarter worth $27,000. Allworth Financial LP lifted its stake in Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company’s stock worth $29,000 after acquiring an additional 6,527 shares during the period. Quadrature Capital Ltd bought a new position in Clover Health Investments during the 4th quarter worth about $29,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Clover Health Investments in the 4th quarter valued at about $29,000. Finally, Alteri Wealth LLC purchased a new stake in shares of Clover Health Investments in the 2nd quarter worth approximately $30,000. 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.