Clover Health Investments (NASDAQ:CLOV) Given New $5.50 Price Target at UBS Group

Key Points

• UBS raised its Clover Health price target to $5.50 from $5.00 while maintaining a neutral rating, implying 22.77% upside from the prior close.
• Analyst views are mixed: MarketBeat reported an average rating of “Hold” and an average target price of $5.10, with three Buy, three Hold, and one Sell rating.
• Clover Health’s latest quarterly results beat estimates, reporting EPS of $0.01 versus a consensus loss of $0.01 and revenue of $759.3 million versus expectations of $740.07 million.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its price objective increased by investment analysts at UBS Group from $5.00 to $5.50 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's target price would suggest a potential upside of 22.77% from the stock's previous close.

A number of other research analysts also recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating on shares of Clover Health Investments in a research report on Thursday. Canaccord Genuity Group upped their target price on Clover Health Investments from $4.20 to $5.50 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Clover Health Investments in a report on Thursday, September 10th. They set a "buy" rating and a $6.00 price objective on the stock. Zacks Research upgraded shares of Clover Health Investments to a "hold" rating in a research report on Monday, September 14th. Finally, Wall Street Zen cut shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 16th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $5.10.

Clover Health Investments Stock Performance

Clover Health Investments stock traded down $0.21 during midday trading on Thursday, hitting $4.48. 8,242,341 shares of the company were exchanged, compared to its average volume of 5,824,737. The business has a fifty day simple moving average of $4.52 and a two-hundred day simple moving average of $3.57. The firm has a market capitalization of $2.38 billion, a PE ratio of -89.58 and a beta of 2.52. Clover Health Investments has a fifty-two week low of $1.58 and a fifty-two week high of $5.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.01) by $0.02. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. The company had revenue of $759.30 million during the quarter, compared to the consensus estimate of $740.07 million. As a group, equities analysts expect that Clover Health Investments will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, insider Karen Soares sold 19,275 shares of the firm's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $4.66, for a total value of $89,821.50. Following the transaction, the insider directly owned 1,573,423 shares of the company's stock, valued at $7,332,151.18. This trade represents a 1.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Toy sold 318,806 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $4.19, for a total transaction of $1,335,797.14. Following the completion of the transaction, the chief executive officer directly owned 9,140,510 shares in the company, valued at $38,298,736.90. This trade represents a 3.37% 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. Over the last ninety days, insiders have sold 856,371 shares of company stock valued at $3,870,740. Insiders own 23.51% of the company's stock.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Clover Health Investments during the 2nd quarter worth $42,000. Nykredit A S purchased a new stake in shares of Clover Health Investments in the second quarter valued at about $45,000. Ballew Advisors Inc purchased a new stake in shares of Clover Health Investments in the third quarter valued at about $44,000. Nisa Investment Advisors LLC increased its position in Clover Health Investments by 223.4% during the third quarter. Nisa Investment Advisors LLC now owns 10,855 shares of the company's stock worth $47,000 after purchasing an additional 7,498 shares during the last quarter. Finally, WNY Asset Management LLC purchased a new position in Clover Health Investments during the second quarter worth about $69,000. Institutional investors and hedge funds own 19.77% of the company's stock.

About Clover Health Investments

Clover Health Investments, Corp. is a health insurance technology company focused on providing Medicare Advantage plans to eligible seniors in the United States. Its plans combine hospital, medical and prescription drug coverage with additional benefits that may vary by plan and location.

The company uses its Clover Assistant technology platform to provide physicians with data-driven insights intended to support clinical decision-making and care coordination. The platform aggregates member health information and helps participating providers identify care opportunities, manage chronic conditions and engage with patients.

Clover Health was founded in 2012 and became a publicly traded company in 2021 through a merger with a special purpose acquisition company.

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