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

Key Points

• Wall Street Zen downgraded Clover Health Investments from “strong buy” to “buy.” Across analysts, the stock carries an average “hold” rating with an average price target of $4.33.
• CLOV shares opened at $4.60, with a market capitalization of approximately $2.44 billion and a 12-month trading range of $1.58 to $5.59.
• Clover Health exceeded quarterly expectations, reporting $0.05 in EPS versus the $0.04 consensus and revenue of $743.17 million versus estimates of $728.27 million, though it remained unprofitable.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Sunday.

CLOV has been the subject of a number of other reports. UBS Group increased their price target on Clover Health Investments from $4.75 to $5.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Canaccord Genuity Group boosted their price objective 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. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Clover Health Investments in a report on Wednesday, June 24th. One equities research 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 company has an average rating of "Hold" and an average price target of $4.33.

Clover Health Investments Trading Up 2.4%

Shares of NASDAQ:CLOV opened at $4.60 on Friday. The company has a 50 day moving average of $4.71 and a 200-day moving average of $3.24. The firm has a market cap of $2.44 billion, a P/E ratio of -91.98 and a beta of 2.47. Clover Health Investments has a twelve month low of $1.58 and a twelve month high of $5.59.

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

Insider Buying and Selling at Clover Health Investments

In other news, VP Joseph Frank Oldakowski sold 12,102 shares of Clover Health Investments stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $4.86, for a total value of $58,815.72. Following the transaction, the vice president owned 299,067 shares of the company's stock, valued at $1,453,465.62. The trade was a 3.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 Andrew Toy sold 313,476 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $5.32, for a total transaction of $1,667,692.32. Following the completion of the sale, the chief executive officer owned 9,609,825 shares in the company, valued at $51,124,269. The trade was a 3.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last quarter, insiders have sold 705,643 shares of company stock worth $3,265,535. Company insiders own 23.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CLOV. AQR Capital Management LLC bought a new stake in shares of Clover Health Investments during the 1st quarter worth $49,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Clover Health Investments during the first quarter worth $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Clover Health Investments by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company's stock worth $3,070,000 after purchasing an additional 24,807 shares during the period. Envestnet Asset Management Inc. acquired a new stake in shares of Clover Health Investments during the second quarter worth $31,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Clover Health Investments by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company's stock valued at $1,768,000 after purchasing an additional 186,047 shares during the last quarter. Institutional investors own 19.77% of the company's stock.

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.

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