Clover Health Investments (NASDAQ:CLOV) Sets New 12-Month High – Still a Buy?

Shares of Clover Health Investments, Corp. (NASDAQ:CLOV) reached a new 52-week high during trading on Monday . The company traded as high as $5.59 and last traded at $5.4550, with a volume of 901681 shares traded. The stock had previously closed at $5.41.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLOV shares. Wall Street Zen raised shares of Clover Health Investments from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clover Health Investments in a report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Clover Health Investments from $3.20 to $4.20 and gave the stock a “buy” rating in a research note on Thursday, June 4th. UBS Group boosted their price objective on shares of Clover Health Investments from $2.75 to $4.75 and gave the company a “neutral” rating in a report on Thursday, June 11th. Finally, Leerink Partners cut their target price on Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.82.

Clover Health Investments Trading Down 1.8%

The firm’s fifty day moving average price is $3.68 and its 200 day moving average price is $2.73. The firm has a market capitalization of $2.80 billion, a PE ratio of -44.36 and a beta of 2.54.

Clover Health Investments (NASDAQ:CLOV) last issued its earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $749.19 million for the quarter, compared to analysts’ expectations of $714.89 million. Clover Health Investments had a negative return on equity of 16.52% and a negative net margin of 2.58%.

Insider Buying and Selling

In other Clover Health Investments news, Director Carladenise Armbrister Edwards sold 67,160 shares of Clover Health Investments stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $3.42, for a total transaction of $229,687.20. Following the completion of the transaction, the director owned 285,432 shares in the company, valued at approximately $976,177.44. This trade represents a 19.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Conrad Wai sold 220,426 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $3.99, for a total value of $879,499.74. Following the completion of the sale, the chief executive officer owned 1,390,056 shares in the company, valued at $5,546,323.44. The trade was a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 402,408 shares of company stock worth $1,534,679. Corporate insiders own 23.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new position in shares of Clover Health Investments during the 1st quarter valued at approximately $49,000. Integrated Wealth Concepts LLC purchased a new stake in Clover Health Investments during the first quarter worth $37,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Clover Health Investments by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 855,264 shares of the company’s stock worth $3,070,000 after buying an additional 24,807 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in Clover Health Investments during the second quarter valued at $31,000. Finally, JPMorgan Chase & Co. grew its position in Clover Health Investments by 41.6% during the second quarter. JPMorgan Chase & Co. now owns 633,700 shares of the company’s stock valued at $1,768,000 after buying an additional 186,047 shares during the period. 19.77% of the stock is owned by institutional investors and hedge funds.

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.