Clover Health Investments (NASDAQ:CLOV) Given New $2.50 Price Target at Leerink Partners

Key Points

• Leerink Partners cut its price target on Clover Health to $2.50 (from $3.00) and maintained a "market perform" rating, implying roughly a 21.36% upside from the prior close.
• Clover reported Quarterly EPS of ($0.10), missing estimates by $0.05 while revenue of $487.7M beat expectations; the stock traded at $2.06, the company has a market cap of $1.06B and an average analyst rating of "Hold" with a consensus target of $3.07.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its target price decreased by Leerink Partners from $3.00 to $2.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Leerink Partners' price target would indicate a potential upside of 21.36% from the stock's previous close.

Several other research firms have also weighed in on CLOV. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clover Health Investments in a report on Monday, December 29th. Canaccord Genuity Group reiterated a "buy" rating and issued a $3.70 price objective on shares of Clover Health Investments in a report on Tuesday, January 20th. Wall Street Zen upgraded Clover Health Investments from a "sell" rating to a "hold" rating in a research report on Sunday, February 15th. Finally, Zacks Research cut Clover Health Investments from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 24th. One 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 company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $3.07.

Clover Health Investments Price Performance

Clover Health Investments stock traded down $0.10 during trading on Thursday, reaching $2.06. 2,055,664 shares of the company were exchanged, compared to its average volume of 6,050,334. The stock's 50 day simple moving average is $2.31 and its two-hundred day simple moving average is $2.62. The company has a market capitalization of $1.06 billion, a P/E ratio of -12.12 and a beta of 2.15. Clover Health Investments has a 52-week low of $1.93 and a 52-week high of $3.92.

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

Institutional Investors Weigh In On Clover Health Investments

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its stake in shares of Clover Health Investments by 218.9% in the third quarter. Allworth Financial LP now owns 9,509 shares of the company's stock worth $29,000 after acquiring an additional 6,527 shares in the last quarter. Clarity Wealth Advisors LLC purchased a new position in Clover Health Investments in the second quarter valued at $28,000. Integrated Wealth Concepts LLC purchased a new stake in Clover Health Investments during the 1st quarter worth about $37,000. Alteri Wealth LLC acquired a new stake in Clover Health Investments in the 2nd quarter valued at about $30,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Clover Health Investments in the 2nd quarter valued at about $31,000. 19.77% of the stock is owned by hedge funds and other 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.

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