Clover Health Investments (NASDAQ:CLOV) Receives "Sell (D-)" Rating from Weiss Ratings

Key Points

• Clover Health Investments has received a "Sell (D-)" rating from Weiss Ratings, which reflects concerns about the company's stock performance.
• The stock price target has been adjusted multiple times, with Canaccord Genuity lowering it from $4.50 to $4.10 while UBS Group decreased their target from $4.50 to $3.00.
• Recent insider activity included Director Anna U. Loengard purchasing 26,500 shares, demonstrating confidence in the company's future despite the overall bearish sentiment in analyst ratings.

Clover Health Investments (NASDAQ:CLOV - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities researchers at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Several other equities analysts have also recently weighed in on the company. Canaccord Genuity Group cut their price objective on Clover Health Investments from $4.50 to $4.10 and set a "buy" rating for the company in a research report on Thursday, August 7th. UBS Group decreased their price target on 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. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $4.37.

Clover Health Investments Stock Up 3.0%

Clover Health Investments stock traded up $0.08 during mid-day trading on Wednesday, hitting $2.78. 10,774,531 shares of the company's stock traded hands, compared to its average volume of 9,521,983. The firm has a 50 day moving average price of $2.77 and a 200 day moving average price of $3.08. The company has a market cap of $1.42 billion, a PE ratio of -34.75 and a beta of 2.10. Clover Health Investments has a one year low of $2.12 and a one year high of $4.87.

Insider Activity

In related news, Director Anna U. Loengard acquired 26,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was bought at an average price of $2.59 per share, for a total transaction of $68,635.00. Following the acquisition, the director directly owned 29,610 shares of the company's stock, valued at approximately $76,689.90. The trade was a 852.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Conrad Wai sold 118,600 shares of the firm's stock in a transaction dated 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 owned 1,494,898 shares of the company's stock, valued at $4,918,214.42. The trade was a 7.35% decrease in their position. The disclosure for this sale can be found here. 24.07% of the stock is owned by company insiders.

Institutional Trading of Clover Health Investments

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers grew its stake in shares of Clover Health Investments by 80.5% in the first quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after purchasing an additional 3,160 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Clover Health Investments by 107,930.7% in the 1st quarter. Farther Finance Advisors LLC now owns 162,046 shares of the company's stock valued at $582,000 after buying an additional 161,896 shares during the last quarter. Perigon Wealth Management LLC purchased a new stake in shares of Clover Health Investments during the 1st quarter worth approximately $36,000. Cannon Global Investment Management LLC bought a new stake in Clover Health Investments during the 1st quarter valued at $178,000. Finally, Victory Capital Management Inc. grew its position in shares of Clover Health Investments by 704.2% during the 1st quarter. Victory Capital Management Inc. now owns 375,336 shares of the company's stock valued at $1,347,000 after purchasing an additional 328,665 shares in the last quarter. Institutional investors own 19.77% of the company's stock.

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.

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