Clover Health Investments (NASDAQ:CLOV) Price Target Cut to $4.10 by Analysts 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 - Get Free Report) had its target price decreased by equities researchers at Canaccord Genuity Group from $4.50 to $4.10 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 85.52% from the stock's previous close.

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

Clover Health Investments Trading Down 2.2%

NASDAQ CLOV traded down $0.05 on Thursday, hitting $2.21. 12,720,808 shares of the company were exchanged, compared to its average volume of 7,371,601. The company has a market cap of $1.12 billion, a PE ratio of -27.63 and a beta of 1.91. Clover Health Investments has a 12 month low of $1.66 and a 12 month high of $4.87. The stock has a fifty day moving average of $2.94 and a 200-day moving average of $3.51.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.12. The business had revenue of $462.33 million for the quarter, compared to analyst estimates of $466.93 million. Clover Health Investments had a negative net margin of 2.68% and a negative return on equity of 12.24%. On average, analysts expect that Clover Health Investments will post -0.12 earnings per share for the current year.

Insider Buying and Selling at Clover Health Investments

In other Clover Health Investments news, CEO Conrad Wai sold 118,600 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 1,494,898 shares of the company's stock, valued at approximately $4,918,214.42. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.07% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Graham Capital Management L.P. bought a new position in shares of Clover Health Investments during the fourth quarter valued at about $889,000. Marshall Wace LLP lifted its position in shares of Clover Health Investments by 167.6% during the fourth quarter. Marshall Wace LLP now owns 3,769,765 shares of the company's stock valued at $11,875,000 after purchasing an additional 2,360,902 shares in the last quarter. Barclays PLC lifted its position in shares of Clover Health Investments by 336.5% during the fourth quarter. Barclays PLC now owns 461,692 shares of the company's stock valued at $1,454,000 after purchasing an additional 355,926 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Clover Health Investments by 172.0% during the fourth quarter. JPMorgan Chase & Co. now owns 432,268 shares of the company's stock valued at $1,362,000 after purchasing an additional 273,348 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Clover Health Investments by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 19,585,213 shares of the company's stock valued at $61,693,000 after purchasing an additional 386,499 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

About Clover Health Investments

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.

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