Clover Health Investments (NASDAQ:CLOV) Given New $4.10 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has reduced its price target for Clover Health Investments from $4.50 to $4.10, while maintaining a "buy" rating, suggesting an upside of 85.52% from the stock's recent close.
• UBS Group has also cut its target price for Clover Health to $3.00, changing their rating to "neutral."
• Clover Health's stock dropped 2.2% to $2.21, with a significant recent trading volume of 12.7 million shares.

Clover Health Investments (NASDAQ:CLOV - Free Report) had its target price lowered by Canaccord Genuity Group from $4.50 to $4.10 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, UBS Group cut their price objective on shares of Clover Health Investments from $4.50 to $3.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th.

Clover Health Investments Trading Up 11.2%

Shares of Clover Health Investments stock traded up $0.25 during midday trading on Thursday, reaching $2.43. The company had a trading volume of 3,266,139 shares, compared to its average volume of 7,367,527. Clover Health Investments has a 1-year low of $1.84 and a 1-year high of $4.87. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -30.31 and a beta of 1.91. The stock has a fifty day simple moving average of $2.90 and a 200 day simple moving average of $3.47.

Insider Buying and Selling

In other Clover Health Investments news, CEO Conrad Wai sold 118,600 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $3.29, for a total value of $390,194.00. Following the completion of the transaction, the chief executive officer directly owned 1,494,898 shares in the company, valued at approximately $4,918,214.42. This represents a 7.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clover Health Investments

Large investors have recently bought and sold shares of the stock. Rhumbline Advisers lifted its position in shares of Clover Health Investments by 80.5% during the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock valued at $25,000 after purchasing an additional 3,160 shares in the last quarter. Clarity Wealth Advisors LLC purchased a new stake in Clover Health Investments in the 2nd quarter worth approximately $28,000. Fifth Third Bancorp purchased a new stake in Clover Health Investments in the 2nd quarter worth approximately $28,000. Perigon Wealth Management LLC purchased a new stake in shares of Clover Health Investments during the 1st quarter valued at $36,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Clover Health Investments during the 1st quarter valued at $37,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Clover Health Investments Company Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.