Clover Health Investments (NASDAQ:CLOV) Raised to Buy at Zacks Investment Research

Clover Health Investments (NASDAQ:CLOV – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $3.25 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 21.27% from the company’s previous close.

According to Zacks, “Clover Health Investments Corp. is a healthcare technology company. It uses its proprietary technology platform to collect, structure and analyze health and behavioral data to improve medical outcomes and lower costs for patients. Clover Health Investments Corp., formerly known as Social Capital Hedosophia Holdings Corp. III, is based in Calif. “

Other equities research analysts have also recently issued reports about the stock. SVB Leerink decreased their price objective on shares of Clover Health Investments from $3.00 to $2.50 and set a “market perform” rating for the company in a research report on Friday, February 25th. Canaccord Genuity Group assumed coverage on shares of Clover Health Investments in a research note on Wednesday, February 2nd. They issued a “buy” rating and a $6.00 price objective on the stock. Credit Suisse Group lowered shares of Clover Health Investments from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $9.00 to $3.50 in a research note on Friday, January 7th. Canaccord Genuity Group boosted their price target on shares of Clover Health Investments from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, February 24th. Finally, Cowen upgraded shares of Clover Health Investments from an “underperform” rating to a “market perform” rating and lowered their target price for the stock from $7.00 to $3.00 in a research report on Wednesday, February 2nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.43.

Shares of NASDAQ CLOV traded down $0.21 during midday trading on Tuesday, reaching $2.68. 4,954,541 shares of the stock were exchanged, compared to its average volume of 13,671,104. Clover Health Investments has a twelve month low of $1.95 and a twelve month high of $28.85. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.02 and a current ratio of 2.02. The company has a 50 day simple moving average of $3.01 and a 200 day simple moving average of $4.19. The stock has a market capitalization of $1.27 billion, a P/E ratio of -1.87 and a beta of 1.64.

Clover Health Investments (NASDAQ:CLOV – Get Rating) last posted its earnings results on Monday, February 28th. The company reported ($0.44) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.18). The company had revenue of $432.04 million during the quarter, compared to analyst estimates of $412.00 million. Clover Health Investments had a negative net margin of 39.93% and a negative return on equity of 97.71%. On average, research analysts expect that Clover Health Investments will post -0.93 earnings per share for the current year.

In other news, Director Lee Shapiro acquired 80,000 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The shares were purchased at an average cost of $3.10 per share, for a total transaction of $248,000.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Chelsea Clinton bought 100,000 shares of the stock in a transaction on Thursday, March 3rd. The shares were bought at an average cost of $2.53 per share, for a total transaction of $253,000.00. The disclosure for this purchase can be found here.

Several institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its holdings in shares of Clover Health Investments by 367,220.4% during the third quarter. PNC Financial Services Group Inc. now owns 6,611,767 shares of the company’s stock worth $48,861,000 after purchasing an additional 6,609,967 shares during the period. Ghisallo Capital Management LLC bought a new position in shares of Clover Health Investments in the fourth quarter valued at approximately $19,705,000. Baillie Gifford & Co. raised its position in shares of Clover Health Investments by 51.4% in the fourth quarter. Baillie Gifford & Co. now owns 7,787,680 shares of the company’s stock valued at $28,970,000 after purchasing an additional 2,645,503 shares during the period. BlackRock Inc. raised its position in shares of Clover Health Investments by 53.5% in the fourth quarter. BlackRock Inc. now owns 5,351,416 shares of the company’s stock valued at $19,907,000 after purchasing an additional 1,865,164 shares during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of Clover Health Investments by 2,036.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 1,598,145 shares of the company’s stock valued at $5,945,000 after purchasing an additional 1,523,336 shares during the period. 18.14% of the stock is currently owned by institutional investors and hedge funds.

About Clover Health Investments (Get Rating)

Clover Health Investments, Corp. operates as a medicare advantage insurer in the United States. The company through its Clover Assistant, a software platform that provides preferred provider organization and health maintenance organization health plans for medicare-eligible consumers. It also focuses on non-insurance businesses.

Further Reading

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