Clover Health Investments (NASDAQ:CLOV) Price Target Cut to $3.00 by Analysts at UBS Group

Key Points

• UBS Group has significantly lowered its price target for Clover Health Investments from $4.50 to $3.00, maintaining a "neutral" rating on the stock.
• Clover Health's shares have faced a 22.6% drop in trading, currently sitting at $2.21, while their 52-week range is between $1.64 and $4.87.
• Insider activity includes CEO Conrad Wai selling 118,600 shares, which represents a 7.35% decrease in his ownership stake in the company.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) had its price objective decreased by stock analysts at UBS Group from $4.50 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. UBS Group's price target indicates a potential upside of 40.52% from the company's current price.

Clover Health Investments Stock Performance

NASDAQ:CLOV traded down $0.08 during trading hours on Wednesday, reaching $2.14. The company's stock had a trading volume of 1,959,401 shares, compared to its average volume of 7,332,611. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -26.81 and a beta of 1.91. The firm has a 50-day simple moving average of $2.92 and a 200-day simple moving average of $3.50. Clover Health Investments has a 1 year low of $1.84 and a 1 year high of $4.87.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.12. Clover Health Investments had a negative return on equity of 12.24% and a negative net margin of 2.68%. The firm had revenue of $462.33 million for the quarter, compared to analysts' expectations of $466.93 million. Equities analysts anticipate that Clover Health Investments will post -0.12 earnings per share for the current fiscal year.

Insider Transactions at Clover Health Investments

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CLOV. Rhumbline Advisers grew its holdings in Clover Health Investments by 80.5% in the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after acquiring an additional 3,160 shares during the last quarter. Fifth Third Bancorp purchased a new position in Clover Health Investments during the 2nd quarter valued at about $28,000. Clarity Wealth Advisors LLC bought a new position in Clover Health Investments during the 2nd quarter valued at approximately $28,000. Envestnet Asset Management Inc. purchased a new stake in Clover Health Investments in the 2nd quarter worth approximately $31,000. Finally, Perigon Wealth Management LLC purchased a new stake in Clover Health Investments in the 1st quarter worth approximately $36,000. Institutional investors own 19.77% of the company's stock.

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.