Canaccord Genuity Group Forecasts Strong Price Appreciation for Clover Health Investments (NASDAQ:CLOV) Stock

Key Points

• Canaccord Genuity Group raised its price target on Clover Health Investments from $4.20 to $5.50 and kept a buy rating, implying about 22% upside from the prior close.
• Other analysts are mixed on the stock: UBS lifted its target to $4.75 with a neutral rating, while Weiss Ratings reiterated a sell. The broader consensus remains Hold with an average price target of $4.25.
• Clover Health trades near its recent highs, opening at $4.50 versus a 52-week range of $1.58 to $5.59, and the company continues to show losses despite revenue beating estimates in its latest quarterly report.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its price objective lifted by stock analysts at Canaccord Genuity Group from $4.20 to $5.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 22.22% from the stock's previous close.

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

Clover Health Investments Stock Performance

NASDAQ CLOV opened at $4.50 on Tuesday. The stock has a 50 day moving average price of $4.41 and a 200-day moving average price of $2.99. Clover Health Investments has a one year low of $1.58 and a one year high of $5.59. The company has a market capitalization of $2.37 billion, a P/E ratio of -37.50 and a beta of 2.41.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $714.89 million.

Insider Buying and Selling

In other news, VP Joseph Frank Oldakowski sold 12,102 shares of the company's stock in a transaction that occurred 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 owned 299,067 shares of the company's stock, valued at approximately $1,453,465.62. This represents a 3.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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, CEO Brady Patrick Priest sold 98,039 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $3.52, for a total value of $345,097.28. Following the completion of the sale, the chief executive officer owned 2,040,222 shares in the company, valued at approximately $7,181,581.44. The trade was a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 715,884 shares of company stock worth $3,202,372 over the last three months. 23.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clover Health Investments

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Clover Health Investments by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company's stock worth $55,192,000 after purchasing an additional 425,904 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Clover Health Investments by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 9,791,208 shares of the company's stock worth $23,013,000 after purchasing an additional 70,801 shares during the last quarter. State Street Corp increased its stake in Clover Health Investments by 4.1% in the 4th quarter. State Street Corp now owns 9,320,183 shares of the company's stock worth $21,902,000 after buying an additional 368,507 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Clover Health Investments by 9.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,690,904 shares of the company's stock worth $11,024,000 after buying an additional 419,389 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Clover Health Investments by 217.5% during 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 buying an additional 2,748,783 shares in the last quarter. Institutional investors 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.

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