Canaccord Genuity Group Increases Clover Health Investments (NASDAQ:CLOV) Price Target to $5.50

Clover Health Investments (NASDAQ:CLOV) had its price objective increased by analysts at Canaccord Genuity Group from $4.20 to $5.50 in a note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 17.77% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen upgraded Clover Health Investments from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Finally, UBS Group boosted their price objective on shares of Clover Health Investments from $2.75 to $4.75 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.25.

Clover Health Investments Trading Down 2.5%

Shares of CLOV stock opened at $4.67 on Tuesday. The firm has a fifty day moving average price of $4.47 and a 200 day moving average price of $3.02. The company has a market cap of $2.46 billion, a P/E ratio of -38.91 and a beta of 2.41. Clover Health Investments has a 12 month low of $1.58 and a 12 month high of $5.59.

Clover Health Investments (NASDAQ:CLOV) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The business had revenue of $749.19 million during the quarter, compared to analyst estimates of $714.89 million. Clover Health Investments had a negative net margin of 2.58% and a negative return on equity of 16.52%.

Insider Buying and Selling

In related news, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 2,040,222 shares in the company, valued at $7,181,581.44. This represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph Frank Oldakowski sold 12,102 shares of the firm’s stock in a transaction on 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 directly owned 299,067 shares in the company, valued at $1,453,465.62. The trade was a 3.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold 715,884 shares of company stock valued at $3,202,372 in the last 90 days. Company insiders own 23.51% of the company’s stock.

Institutional Investors Weigh In On Clover Health Investments

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of Clover Health Investments by 217.5% in the 2nd quarter. Bank of America Corp DE now owns 4,012,744 shares of the company’s stock valued at $11,196,000 after purchasing an additional 2,748,783 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Clover Health Investments by 69.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,634,325 shares of the company’s stock worth $8,542,000 after purchasing an additional 1,494,043 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Clover Health Investments during the second quarter worth $4,149,000. UBS Group AG grew its position in Clover Health Investments by 155.5% in the 3rd quarter. UBS Group AG now owns 2,282,113 shares of the company’s stock valued at $6,983,000 after buying an additional 1,388,761 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Clover Health Investments by 105.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,781,239 shares of the company’s stock valued at $4,186,000 after buying an additional 914,829 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.