Canaccord Genuity Group Has Lowered Expectations for Clover Health Investments (NASDAQ:CLOV) Stock Price

Key Points

• Canaccord Genuity cut its price target on Clover Health from $3.70 to $3.20 while keeping a "buy" rating, a target the firm says implies roughly a 70.7% upside from the current share price.
• Analyst sentiment is mixed with a consensus "Hold" and average target of $2.90 after several downgrades; CLOV trades around $1.88, reported a quarterly EPS miss with negative margins, and the CEO recently sold 175,000 shares while insiders own about 24% of the stock.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its price target decreased by stock analysts at Canaccord Genuity Group from $3.70 to $3.20 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 70.67% from the stock's current price.

Other equities analysts have also issued reports about the stock. Leerink Partners reduced their target price on shares of 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. Wall Street Zen raised Clover Health Investments from a "sell" rating to a "hold" rating in a research note on Sunday, February 15th. Zacks Research lowered shares of Clover Health Investments from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Clover Health Investments in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $2.90.

Clover Health Investments Trading Down 0.8%

CLOV stock traded down $0.02 during trading on Friday, hitting $1.88. The company had a trading volume of 1,354,697 shares, compared to its average volume of 5,951,814. The company has a fifty day moving average price of $2.20 and a two-hundred day moving average price of $2.57. Clover Health Investments has a fifty-two week low of $1.85 and a fifty-two week high of $3.92. The company has a market cap of $968.78 million, a P/E ratio of -10.97 and a beta of 2.15.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The company had revenue of $487.71 million for the quarter, compared to the consensus estimate of $467.06 million. Clover Health Investments had a negative net margin of 4.45% and a negative return on equity of 25.17%. On average, analysts expect that Clover Health Investments will post -0.12 earnings per share for the current year.

Insider Activity at Clover Health Investments

In related news, CEO Brady Patrick Priest sold 175,000 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $2.17, for a total transaction of $379,750.00. Following the transaction, the chief executive officer directly owned 1,998,584 shares of the company's stock, valued at approximately $4,336,927.28. The trade was a 8.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 24.07% of the company's stock.

Hedge Funds Weigh In On Clover Health Investments

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Clover Health Investments by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,485,912 shares of the company's stock valued at $55,192,000 after purchasing an additional 425,904 shares during the period. Geode Capital Management LLC increased its position in Clover Health Investments by 95.7% during the second quarter. Geode Capital Management LLC now owns 9,843,349 shares of the company's stock worth $27,467,000 after acquiring an additional 4,812,368 shares during the period. State Street Corp raised 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 purchasing an additional 368,507 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $11,024,000 after purchasing an additional 419,389 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Clover Health Investments by 217.5% during the second quarter. Bank of America Corp DE now owns 4,012,744 shares of the company's stock worth $11,196,000 after purchasing an additional 2,748,783 shares during the period. 19.77% of the stock is owned by institutional investors.

Clover Health Investments Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.