Wall Street Zen Upgrades Clover Health Investments (NASDAQ:CLOV) to Buy

Clover Health Investments (NASDAQ:CLOV) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other research firms also recently weighed in on CLOV. Canaccord Genuity Group increased their target price on Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research report on Thursday. Leerink Partners reduced their target price on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clover Health Investments in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.23.

Clover Health Investments Stock Down 4.0%

Shares of NASDAQ:CLOV opened at $3.83 on Friday. Clover Health Investments has a 52-week low of $1.58 and a 52-week high of $4.23. The stock’s fifty day simple moving average is $2.77 and its 200-day simple moving average is $2.47. The company has a market capitalization of $2.02 billion, a P/E ratio of -31.91 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last released its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share 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 business had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million.

Insiders Place Their Bets

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 67,160 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $3.42, for a total transaction of $229,687.20. Following the completion of 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 through this hyperlink. Also, CEO Brady Patrick Priest sold 98,039 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the sale, the chief executive officer owned 2,040,222 shares of the company’s stock, valued at $7,181,581.44. This represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 385,625 shares of company stock worth $1,454,284 over the last three months. 23.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in Clover Health Investments by 24.1% during the first quarter. California State Teachers Retirement System now owns 497,006 shares of the company’s stock worth $875,000 after acquiring an additional 96,458 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Clover Health Investments in the first quarter valued at about $309,000. Sei Investments Co. grew its stake in shares of Clover Health Investments by 109.7% in the first quarter. Sei Investments Co. now owns 88,701 shares of the company’s stock valued at $156,000 after buying an additional 46,404 shares in the last quarter. State of Wyoming grew its stake in shares of Clover Health Investments by 21.3% in the first quarter. State of Wyoming now owns 93,213 shares of the company’s stock valued at $164,000 after buying an additional 16,352 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Clover Health Investments in the first quarter valued at about $66,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.