Clover Health Investments (NASDAQ:CLOV) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Clover Health Investments to a “Hold” rating. Analysts’ overall consensus remains “Hold,” with two Buy, three Hold and one Sell rating, and an average price target of $4.75.
• CLOV shares fell 8.6% and opened at $4.66. The stock has traded between $1.58 and $5.59 over the past year, while its latest quarterly results exceeded expectations with $0.05 in earnings per share and $743.17 million in revenue.
• Insiders sold shares in recent months, including transactions by Karen Soares and VP Joseph Frank Oldakowski; insiders sold a combined 428,120 shares valued at $2.21 million over the past three months.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) was upgraded by equities research analysts at Zacks Research to a "hold" rating in a research report issued on Monday, Zacks reports.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group boosted their price objective on shares of 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 research note on Thursday, September 10th. They issued a "buy" rating and a $6.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a report on Wednesday, June 24th. Wall Street Zen cut shares of Clover Health Investments from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 16th. Finally, UBS Group upped their price target on shares of Clover Health Investments from $4.75 to $5.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $4.75.

Clover Health Investments Trading Down 8.6%

CLOV stock opened at $4.66 on Monday. The company has a market cap of $2.48 billion, a PE ratio of -93.18 and a beta of 2.47. The stock has a 50-day moving average price of $4.42 and a two-hundred day moving average price of $3.59. Clover Health Investments has a 12-month low of $1.58 and a 12-month high of $5.59.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $743.17 million for the quarter, compared to analyst estimates of $728.27 million. Clover Health Investments had a negative return on equity of 4.20% and a negative net margin of 0.74%. Equities analysts forecast that Clover Health Investments will post 0.06 EPS for the current fiscal year.

Insider Activity at Clover Health Investments

In other news, insider Karen Soares sold 6,846 shares of Clover Health Investments stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $4.78, for a total value of $32,723.88. Following the completion of the transaction, the insider owned 1,607,371 shares in the company, valued at approximately $7,683,233.38. This trade represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, VP Joseph Frank Oldakowski sold 20,000 shares of Clover Health Investments stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $5.16, for a total value of $103,200.00. Following the completion of the transaction, the vice president owned 279,067 shares of the company's stock, valued at approximately $1,439,985.72. The trade was a 6.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 428,120 shares of company stock valued at $2,211,877 over the last three months. 23.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Clover Health Investments

A number of hedge funds have recently added to or reduced their stakes in CLOV. Bank of New York Mellon Corp acquired a new stake in Clover Health Investments during the second quarter worth about $6,346,000. Lazard Asset Management LLC acquired a new position in Clover Health Investments in the first quarter valued at approximately $309,000. WINTON GROUP Ltd bought a new position in shares of Clover Health Investments during the second quarter valued at approximately $913,000. AXQ Capital LP grew its holdings in shares of Clover Health Investments by 602.6% during the second quarter. AXQ Capital LP now owns 146,569 shares of the company's stock valued at $768,000 after purchasing an additional 125,708 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of Clover Health Investments by 21.3% during the first quarter. State of Wyoming now owns 93,213 shares of the company's stock valued at $164,000 after purchasing an additional 16,352 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, Inc is a healthcare technology and insurance company focused on providing Medicare Advantage plans to eligible Medicare beneficiaries. Its insurance business offers medical coverage and related healthcare benefits through plans available in select counties across the United States.

The company also develops and uses Clover Assistant, a technology platform designed to support physicians with patient information, clinical insights, care recommendations and tools intended to help improve healthcare outcomes.

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