Clover Health Investments (NASDAQ:CLOV) rating upgraded to buy at Zacks Investment Research


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

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

A number of other stock analysts have also weighed in on the company recently. SVB Leerink cut its price target on Clover Health Investments from $3.00 to $2.50 and set a “market performance” rating for the company in a Friday, Feb. 25 research report. Credit Suisse Group downgraded Clover Health Investments from a “neutral” rating to an “underperforming” rating and cut its price target for the company from $9.00 to $3.50 in a Friday 7 report. january. Canaccord Genuity Group raised its price target on Clover Health Investments from $6.00 to $7.00 and gave the company a “buy” rating in a Thursday, February 24 report. Cowen upgraded Clover Health Investments from an “underperforming” rating to a “market performing” rating and cut its price target for the company from $7.00 to $3.00 in a Wednesday report. February 2. Finally, Canaccord Genuity Group began covering Clover Health Investments in a research report on Wednesday, February 2. They set a “buy” rating and a price target of $6.00 on the stock. Three investment analysts have assigned the stock a sell rating, three have assigned a hold rating and four have assigned the stock a buy rating. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.43.

Clover Health Investments stock traded down $0.21 during trading hours on Tuesday, hitting $2.68. 4,954,541 shares of the company have been traded, compared to its average volume of 13,671,104. The company has a leverage ratio of 0.04, a quick ratio of 2.02 and a current ratio of 2.02 . The company has a market capitalization of $1.27 billion, a price-earnings ratio of -1.87 and a beta of 1.64. The company’s 50-day moving average is $3.01 and its 200-day moving average is $4.19. Clover Health Investments has a fifty-two week minimum of $1.95 and a fifty-two week maximum of $28.85.

Clover Health Investments (NASDAQ:CLOV – Get Rating) last announced its quarterly results on Monday, February 28. The company reported ($0.44) EPS for the quarter, missing analyst consensus estimates of ($0.26) by ($0.18). Clover Health Investments recorded a negative net margin of 39.93% and a negative return on equity of 97.71%. The company posted revenue of $432.04 million in the quarter, versus a consensus estimate of $412.00 million. Analysts predict Clover Health Investments will post -0.93 EPS for the current year.

Separately, director Chelsea Clinton acquired 100,000 shares of the company in a transaction dated Thursday, March 3. The shares were purchased at an average price of $2.53 per share, for a total transaction of $253,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, director Lee Shapiro purchased 80,000 shares of the company in a transaction that took place on Friday, March 11. The shares were purchased at an average price of $3.10 per share, with a total value of $248,000.00. Disclosure of this purchase can be found here.

Several hedge funds and other institutional investors have recently changed their holdings of CLOV. PNC Financial Services Group Inc. increased its stake in Clover Health Investments by 367,220.4% during Q3. PNC Financial Services Group Inc. now owns 6,611,767 shares of the company worth $48,861,000 after purchasing an additional 6,609,967 shares last quarter. Ghisallo Capital Management LLC bought a new position in Clover Health Investments in Q4 for a value of approximately $19,705,000. Baillie Gifford & Co. increased its stake in Clover Health Investments by 51.4% in the 4th quarter. Baillie Gifford & Co. now owns 7,787,680 shares of the company worth $28,970,000 after acquiring 2,645,503 additional shares in the last quarter. BlackRock Inc. increased its stake in Clover Health Investments by 53.5% in Q4. BlackRock Inc. now owns 5,351,416 shares of the company worth $19,907,000 after acquiring an additional 1,865,164 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in Clover Health Investments shares by 2,036.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 1,598,145 shares of the company valued at $5,945,000 after purchasing an additional 1,523,336 shares in the last quarter. 18.14% of the shares are currently held by hedge funds and other institutional investors.

Clover Health Investments Company Profile (Get an assessment)

Clover Health Investments, Corp. operates as the insurer of Medicare Advantage 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 related activities.

Further reading

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Analyst Recommendations for Clover Health Investments (NASDAQ:CLOV)



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